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Rubber Leaf Inc NV 32-0655276 Xingxiu Hua Qixing Road, Weng’ao Industrial Zone Chunhu Subdistrict Fenghua District Ningbo +86 0574 - 88733850 318 N. Carson Street, Ste. 208 Carson City NV 89701 (916) 576-7000 Non-accelerated Filer true true false This registration statement contains two prospectuses, as set forth below.

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<p id="xdx_80B_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z9iLk0wrkY5a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 1 - Organization and Description of Business Rubber Leaf Sealing Products (Zhejiang) Co., Ltd. (the “RLSP”) was established in July 8, 2019 and is located in Fenghua District, Ningbo, Zhejiang province, the People’s Republic of China (“PRC”). It is engaged in the import and export trade, production and sales of synthetic rubber, rubber compound, car window seals, auto parts, etc. of integrated group companies. It has an integrated machinery production plant on PRC. RLSP, a well-known auto parts enterprise, is a first-tier supplier of well-known auto brands such as Dongfeng Motor and French Renault. RLSP has a registered capital of $20 million US dollars to be injected and is a wholly owned by foreign investment. Rubber Leaf Inc (the “Company” or “RLI”) was incorporated under the law of the State of Nevada on May 18, 2021 by Ms. Xingxiu Hua, the sole shareholder of RLSP. On May 27, 2021, the Company entered a share exchange agreement with Ms. Hua, pursuant to which, the Company issued <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20210526__20210527__dei--LegalEntityAxis__custom--RubberLeafSealingProductsCoLtdMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--XingxiuHuaMember_zVNKfZ4TzPv" title="Number of shares issued">40,000,000 shares of common stock to exchange for all of RLSP’s shares. No change of control of RLSP was resulted from the execution of the share exchange agreement.

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Note 2 - Summary of Significant Accounting Policies Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the Company’s financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. With respect to the audited financial statements as of and for the year ended December 31, 2023, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The consolidated financial statements include the accounts of Rubber Leaf Inc, the parent company and its wholly owned subsidiary in China - Rubber Leaf Sealing Products (Zhejiang) Co., Ltd. All intercompany transactions and balances were eliminated in consolidation. Reclassifications Certain amounts on the prior-years’ consolidated balance sheets, consolidated statements of operations and cash flows were reclassified to conform to current-year presentation, with no effect on ending stockholders’ equity. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. Signiant estimates are used in the collectability of accounts receivable, the useful lives and impairment of long-lived assets, the valuation of deferred tax assets, inventories reserve and provisions for income taxes, among others. Revenue Recognition The Company early adopted Accounting Standards Update (“ASU”) 2014-09, Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606) since its inception (i.e. July 2019), which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company applies the five-step model to sales contracts. We generate revenue through selling automotive rubber and plastic sealing strips under two models of supply: Model A (Direct Supply Model) Following successful on-site inspections by auto OEMs, RLSP secures listing in its directories as a first-tier supplier that directly provides products to the OEM. For example, eGT is an auto OEM, and we serve as their first-tier supplier. eGT directly signs purchase or supply agreements with RLSP. This positions RLSP to independently procure raw materials, manufacture final products and directly deliver finished goods to the warehouses of the auto OEMs. RLSP fulfills its performance obligation upon the delivery of finished products to their warehouses, following a subsequent quality inspection approved by them. Simultaneously, they may request product replacements for disqualified items. Ownership and control of our finished products transfer to customers upon successful inspection and acceptance into an OEM’s warehouse. Revenue recognition occurs upon the transfer of control of our products to a customer, with payments made directly by the OEM. Model B (Indirect Supply Model) RLSP receives the purchase orders from our related parties-Shanghai Xinsen and Xinsen Sealing Products (Hangzhou) Co., Ltd (“Hangzhou Xinsen”) (collectively named as “Xinsen Group” for two companies together). The Company’s Chief Executive Officer, President and Chairperson, Ms. Xingxiu Hua, previously held a <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ShanghaiXinsenImportAndExportCoLtdMember__srt--TitleOfIndividualAxis__custom--XingxiuHuaMember_z2EwJbwRABEa" title="Ownership percentage">90% ownership interest in Shanghai Xinsen and Shanghai Xinsen holds a <span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--XinsenSealingProductsHangzhouCoLtdMember__srt--TitleOfIndividualAxis__custom--ShanghaiXinsenMember_ziikf01nbgw6" title="Ownership percentage">70% ownership interest in Hangzhou Xinsen. <span id="xdx_908_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--XinsenSealingProductsHangzhouCoLtdMember__srt--TitleOfIndividualAxis__custom--XingxiuHuaMember_zK2tr30vxWfl" title="Ownership percentage description">Effective October 1, 2022, Ms. Hua reduced her ownership of Shanghai Xinsen from 90% to 15%, and accordingly reduced her indirect ownership of Hangzhou Xinsen from 63% to 10.5%. The Xinsen Group serves as a certified second-tier supplier for branded Automobile Manufacturers (“Auto Manufacturers”). A second-tier supplier refers to a supplier that provides products to the first-tier suppliers of the OEM. First-tier suppliers could be suppliers of car doors, rubber and plastic components and other automobile parts. Auto Manufacturers issue consolidated purchase orders for complete sets of rubber and plastic auto parts for a particular model to their first-tier suppliers. These first-tier suppliers subcontract the production of rubber and plastic seals to second-tier suppliers. As a second-tier supplier and a facilitator of production rather than a direct manufacturer, Xinsen Group coordinates with us to fulfill orders. Upon receipt of purchase orders, RLSP procures rubber materials from our vendors. The production process involves outsourcing to third-party manufacturers for either work-in-process products (“WIP”) or finished products, based on management’s decisions in response to operational circumstances. We employ two distinct forms of outsourced processing under Model B. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 26px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 26px">1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">RLSP purchases raw materials and subcontracts production to third-party manufacturers for WIP. Once WIP is finished and delivered to RLSP’s warehouse, RLSP performs certain manual processes, such as welding and constructing in order to meet the specification of the purchase orders. The completion of the final products is contingent upon a rigorous quality inspection conducted by RLSP, ensuring they meet the highest standards.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">RLSP purchases raw materials and subcontracts third party manufacturers to produce finished products. RLSP will trace and observe each step of production undertaken by third-party manufacturers, with a primary focus on the final quality control step.</td></tr> </table> The finished products are delivered to the warehouses of Xinsen Group’s upstream first-tier suppliers, either from our locations or those of the third-party manufacturers. Quality inspection is carried out by assigned inspectors from Xinsen Group upon delivery. RLSP fulfills its obligation when the finished products reach Xinsen Group’s customers and pass the qualified quality inspection. In the event of products that do not pass inspection, the Xinsen Group initiates a product replacement process. Upon confirmation of quality and quantity, and acceptance of finished products into Xinsen Group’s customers’ warehouses, invoices are provided to us as proof of delivery. The date of the invoices signifies the transfer of ownership and control of the finished products under model B from us to Xinsen Group and indirectly to its upstream first-tier suppliers. We recognize at such time as Xinsen Group’s customers accept delivery of products. Cost of revenue Cost of revenues is comprised of raw materials consumed, manufacturing costs, third party logistics and distribution costs including packaging, freight, transportation, shipping and handling costs, and inventory adjustment due to the defectives and inventory count. Cash and Cash Equivalents Cash and cash equivalents include bank deposits and liquid investments with original maturities of three months or less as of the purchase date of such investments. Restricted cash The Company had notes payable outstanding with Ningbo bank and was required to keep certain amounts on deposit that were subject to withdrawal restrictions. The notes payables were generally short term in nature due to its maturity period of six months or less, thus restricted cash was classified as a current asset. Concentration risk The Company maintains cash with banks in the United States of America (“USA”) and PRC. Should any bank holding cash become insolvent, or if the Company is otherwise unable to withdraw funds, the Company would lose the cash with that bank; however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. In China, a depositor has up to RMB500,000 insured by the People’s Bank of China Financial Stability Bureau (“FSD”). In the United States, the standard insurance amount is $250,000 per depositor in a bank insured by the Federal Deposit Insurance Corporation (“FDIC”). Financial instruments that potentially subject the Company to significant concentrations of credit risk are cash and cash equivalents and accounts receivable. As of December 31, 2023 and 2022, $Nil and $1,240,272 of the Company’s cash and restricted cash held by financial institutions were uninsured, respectively. Major customers For the years ended December 31, 2023 and 2022, the Company’s revenues from two major customers accounted more than 10% of the total revenue were as following: Schedule of Concentration Risk Percent <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Revenue</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Revenue</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Customer A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--Revenues_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_z9DnbrnYzqAg" style="width: 5%; text-align: right" title="Revenues">1,280,555</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zDZ8CyDJP3fg" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">13</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--AccountsReceivableNetCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_znAmvERDQaAa" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zGyl9UqeFIn3" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">-</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Revenues_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_znkA7FmJ6DEg" style="width: 5%; text-align: right" title="Revenues">5,259,447</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zMEJLb3rCROi" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">49</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AccountsReceivableNetCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zogDTGMayAkd" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_z9U4ypgyPC2" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">-</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer B</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--Revenues_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zSGOmk7706P" style="text-align: right" title="Revenues">8,593,998</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zic0xNlqQ2Mf" style="text-align: right" title="Concentrationr risk, percentage">86</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--AccountsReceivableNetCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zNR6DZ3Y3Ok7" style="text-align: right" title="Concentrationr risk, percentage">5,209,169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zBmdorACxzC1" style="text-align: right" title="Concentrationr risk, percentage">100</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--Revenues_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zg62NvPWOfi8" style="text-align: right" title="Revenues">5,338,728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zUcBXalFZmmb" style="text-align: right" title="Concentrationr risk, percentage">50</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--AccountsReceivableNetCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zUOueSSnmES8" style="text-align: right" title="Accounts receivable">4,665,735</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zdz3Mo8bti51" style="text-align: right" title="Concentrationr risk, percentage">100</td><td style="text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Customer A: eGT New Energy Automotive Co., Ltd. (“eGT”), an unrelated party.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Customer B: Shanghai Xinsen Import & Export Co., Ltd (“Shanghai Xinsen”), a related party that sells RLSP’s products to Shanghai Hongyang Sealing Co., Ltd. (“Shanghai Hongyang”) and Wuhu Huichi Auto Parts Co., Ltd. (“Wuhu Huichi”), two unrelated parties of RLSP and the Company, and certified first-tier suppliers of Auto Manufacturers.</td></tr> </table> Major vendors For the years ended December 31, 2023 and 2022, the Company made purchases from the major vendors accounted more than 10% of the total purchases were as following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Purchase</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts payable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Payable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Purchase</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts payable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Payable</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Vendor A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CostOfGoodsAndServicesSold_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zAAOsVbgFrQ2" style="width: 5%; text-align: right" title="Cost of goods">8,552,684</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_z2rSvPy2A8Nj" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">95</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zFsw1Z6fLqd5" style="width: 5%; text-align: right" title="Accounts payable">2,871,033</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zhxWOvjlpCE1" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">40</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zYV1dBDEm5J4" style="width: 5%; text-align: right" title="Cost of goods">5,549,968</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zfwlXNJi6Ouj" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">67</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zOjrAZWk1Uqe" style="width: 5%; text-align: right" title="Accounts payable">2,384,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_ziTzTr1Zxbag" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">32</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vendor B</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CostOfGoodsAndServicesSold_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zjERnbR2R6k2" style="text-align: right" title="Cost of goods">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zqRR7BpHSWw" style="text-align: right" title="Concentrationr risk, percentage">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zUi5Dyl9Wgmg" style="text-align: right" title="Accounts payable">4,364,105</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zWFa6wwZgH1k" style="text-align: right" title="Concentrationr risk, percentage">60</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_z7RRHGDzW1Dc" style="text-align: right" title="Cost of goods">79,608</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zbRQ6j0rjkXc" style="text-align: right" title="Concentrationr risk, percentage">1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_z50VaGITkde8" style="text-align: right" title="Accounts payable">5,135,351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zrcxfgRC33Q1" style="text-align: right" title="Concentrationr risk, percentage">68</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vendor C</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--CostOfGoodsAndServicesSold_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_z0E4XFujSse6" style="text-align: right" title="Cost of goods">438,230</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zbAhtnV4gWE2" style="text-align: right" title="Concentrationr risk, percentage">5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_ztlYBOY4DXde" style="text-align: right" title="Accounts payable">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_ztkMF5OdA2nb" style="text-align: right" title="Concentrationr risk, percentage">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zqxvpOu4VKni" style="text-align: right" title="Purchase">2,626,103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zQ3rY2vAEUHd" style="text-align: right" title="Concentrationr risk, percentage">32</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zUQsPt4taNz" style="text-align: right" title="Accounts payable">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_z7p8ArptOnX5" style="text-align: right" title="Concentrationr risk, percentage">-</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Vendor A: Shanghai Haozong Rubber & Plastic Technology Co., Ltd. (“Shanghai Haozong”), a related party. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Vendor B: Shanghai Huaxin Economic and Trade Co., Ltd. (“Shanghai Huaxin”), a related party, purchase amounts and accounts payable balances include retainage payables. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Vendor C: Shanghai Yongliansen Import and Export Trading Company (“Yongliansen”), a related party.</td></tr> </table> Accounts Receivable Accounts receivables are reported at their net realizable value. Any value adjustments are booked directly against the relevant receivable. We have standard payment terms that generally require payment within approximately 30 to 60 days. Management performs ongoing credit evaluations of its customers. An allowance for potentially uncollectible accounts is provided based on history, economic conditions, and composition of the accounts receivable aging. As of December 31, 2023 and 2022 no credit risk identified and no allowance for doubtful accounts. Inventories, net Inventories consist of raw materials and finished products, and are stated at the lower of cost or net realizable value. Cost is calculated by applying the weighted -average method and physically applied first-in-first-out method (FIFO) in inventory stock in and out. The Company regularly reviews inventory quantities on hand and writes down to its net realizable value any inventory that it believes to be impaired. Management considers forecast demand in relation to the inventory on hand, competitiveness of product offerings, market conditions and product life cycles when determining excess and obsolescence and net realizable value adjustments. Once inventory is written down and a new cost basis is established, it is not written back up if demand increases. Advances to vendors From time to time, we paid advances to our vendors in order to secure our purchase orders or as retainers required pursuant to various purchase agreements related to production and the 2nd production lines currently under construction. The advances have no interest bearing, normally settled along with purchase transactions within 60 to 180 days depend on market condition, and around 365 days for construction projects and/or equipment purchase. Property and equipment Property and equipment are initially recorded at their historical cost. Repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method over the following estimated useful lives of the depreciable assets: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Land use rights: <span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LandUseRightsMember_z269bBnSr8za" title="Property and equipment, useful life">50 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leasehold improvement: <span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zo2QdXQ2dVL" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember">shorter of the estimate useful life or lease term</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Factory and Building: <span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zHG325oMQ62l" title="Property and equipment, useful life">47 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Factory equipment: <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_zs7rvGTMSZN6" title="Property and equipment, useful life">3-<span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zAdqyg9jaAyd" title="Property and equipment, useful life">36 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Auto vehicles: <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zH2imwEcSzk6" title="Property and equipment, useful life">4 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Office equipment and furniture: <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember__srt--RangeAxis__srt--MinimumMember_z6JweJGY2MUl" title="Property and equipment, useful life">4-<span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember__srt--RangeAxis__srt--MaximumMember_zBQbc9NHTXib" title="Property and equipment, useful life">10 years</td></tr> </table> Construction in progress (“CIP”) includes pre-construction costs, construction costs, interest incurred on financing, amortization of land use right during the construction period, insurance and overhead costs related to construction. Interest of borrowings specific for the construction project and amortization of land use rights are capitalized under CIP when development activities commence, and end when the qualifying assets are ready for their intended use. Intangible Assets All land in the PRC is owned by the PRC government and cannot be sold to any individual or company. The Company has recorded the amounts paid to the PRC government when acquired long-term interests of land use rights under intangible assets. This type of arrangement is common for the use of land in the PRC. The Company amortizes land use rights based on the term of the respective land use rights granted, which generally ranges from <span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--LandUseRightsMember__srt--RangeAxis__srt--MinimumMember_zW4PlJ4aVobk" title="Intangible asset useful life">15 to <span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--LandUseRightsMember__srt--RangeAxis__srt--MaximumMember_zJlwF7y71Eta" title="Intangible asset useful life">50 years. The land use rights of Collective Lands has unlimited useful lifetime. Impairment of Long-Lived Assets The Company’s long-lived assets mainly include property and equipment, land use right recorded under intangible assets and right-of-use assets obtained through operating lease. In accordance with ASC 360, Property, Plant, and Equipment, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of a long-lived asset, or group of assets, as appropriate, may not be recoverable. If the aggregate undiscounted future net cash flows expected to result from the use and the eventual disposition of a long-lived asset is less than its carrying value, then the Company would recognize an impairment loss based on the excess of the carrying value over the fair value. For the years ended December 31, 2023 and 2022, the Company determined there was no impairment of the long-lived assets. Notes payable Short-term notes payable are lines of credit extended by banks. The banks in-turn issue the Company a bankers acceptance note, which can be endorsed and assigned to vendors as payments for purchases. These short-term notes payable bears no interest and is guaranteed by the bank for its complete face value and usually matures within three to six-month period. The banks usually require the Company to deposit a certain amount of cash at the bank as a guarantee deposit, which is classified on the balance sheet as restricted cash. As of December 31, 2023 and 2022, RLSP held $Nil and $1,312,362 notes payable issued by Ningbo bank with various maturity dates up to December 2022, respectively. The same amount of deposits was required by the banks and classified as restricted cash as of December 31, 2022. Advances from customers From time to time, we received advances from our customers, which are made normally under sales frame contracts, each sales transaction will be initiated by purchase orders received under the frame contracts. The advances have no interest bearing, normally settled along with purchase/sales transactions within 60 to 180 days. Retainage Payables For equipment purchased from Shanghai Huaxin in the PRC, a related party, by RLSP in the PRC, the Company typically retains a portion of the purchase invoices, typically 3-5%, for 12 to 24 months to ensure the quality of equipment after installation during the qualifying warranty period. As of December 31, 2023 and 2022, retainage payables were $Nil and $38,138 with maturity dates various in to December 30, 2022 and 2023, respectively. Income Taxes We are governed by the Income Tax Law of the PRC and the United States. The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The 2017 Tax Reform Act permanently reduces the U.S. corporate income tax rate to a 21% flat rate. In addition, the 2017 Tax Reform Act also creates a new requirement that certain income (i.e., Global Intangible Low-Taxed Income (“GILTI”)) earned by controlled foreign corporations (“CFCs”) must be included in the gross income of the CFCs’ U.S. shareholder income. The tax law in PRC applies an income tax rate of <span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20230101__20231231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_znWxRs7I7Tgl" title="PRC income tax rate">25% to all enterprises. The Company’s subsidiary does not receive any preferential tax treatment from local government. Value added tax The Company is subject to value added tax (“VAT”). The applicable VAT rate is 13% for products sold in the PRC for the years of 2023 and 2022. The amount of VAT liability is determined by applying the applicable tax rate to the amount of goods sold (output VAT) less VAT accrued on purchases made with the relevant supporting invoices (input VAT). Sales and purchases are recorded net of VAT (the amount of VAT is excluded from revenues and costs) collected and paid as the Company acts as an agent for the government. Earnings Per Share The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company. Pursuant to ASC 260-10-55, EPS computations should be based on the facts and circumstances of the transaction for reorganization. The Company calculated its EPS retrospectively akin to a normal share issuance as if the reorganization incurred from the inception. The Company does not have any potentially dilutive instruments as of December 31, 2023 and 2022, and, thus, anti-dilution issues are not applicable. Fair Value of Financial Instruments The Company’s balance sheets include certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3 - Inputs that are both significant to the fair value measurement and unobservable.</td></tr> </table> Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2023 and 2022. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include cash and cash equivalent, restricted cash, accounts receivables, advances to vendors, inventories, other current assets, accounts payables, advances from customers and other current liabilities. For short term borrowings and notes payable, the Company concluded the carrying values are a reasonable estimate of fair values because of the short period of time between the origination and repayment and as their stated interest rates approximate current rates available. Operating Leases The Company adopted ASC 842 since its inception. The Company determines if an arrangement is or contains a lease at inception. Operating leases with lease terms of more than 12 months are included in operating lease assets, accrued and other current liabilities, and long-term operating lease liabilities on its consolidated balance sheet. Operating lease assets represent its right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments over the lease term. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments discounted using its incremental borrowing rate. Lease expense is recognized on a straight-line basis over the lease term. Related Parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Foreign Currency Amounts reported in the condensed consolidated financial statements are stated in United States dollars, unless stated otherwise. The Company’s subsidiary in the PRC use the Chinese renminbi (RMB) as their functional currency and the holding company - RLI uses the United States dollar as their functional currency. For subsidiaries that use the local currency as the functional currency, all assets and liabilities are translated to United States dollars using exchange rates in effect at the end of the respective periods and the results of operations have been translated into United States dollars at the weighted average rates during the periods the transactions were recognized. Resulting translation gains or losses are recognized as a component of other comprehensive income (loss). In accordance with ASC 830, Foreign Currency Matters (ASC 830), the Company translates the assets and liabilities into United States dollars using the rate of exchange prevailing at the balance sheet date and the statements of operations and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation from RMB into United States dollar are recorded in stockholders’ equity as part of accumulated other comprehensive income. Further, foreign currency transaction gains and losses are a result of the effect of exchange rate changes on transactions denominated in currencies other than the functional currency. Gains and losses on those foreign currency transactions are included in other income (expense), net for the period in which exchange rates change. Comprehensive Income (Loss) The Company accounts for comprehensive income (loss) in accordance with ASC 220, Income Statement-Reporting Comprehensive Income (ASC 220). Under ASC 220, the Company is required to report comprehensive income (loss), which includes net income (loss) as well as other comprehensive income (loss). The only significant component of accumulated other comprehensive income (loss) as of December 31, 2023 and 2022 is the currency translation adjustment. Segment Information Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the executive team, which is comprised of the chief executive officer and the chief financial officer. Based on the financial information presented to and reviewed by the chief operating decision maker in deciding how to allocate the resources and in assessing the performance, the Company has determined that it has two operating and reporting segments based on sales channels – direct supply and indirect supply as of December 31, 2023 and 2022. Recent Accounting Standard Adopted In June 2016, the FASB issued ASC Update No. 2016-13, (Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASC update introduces new guidance for the accounting for credit losses on financial instruments within its scope. A new model, referred to as the current expected credit losses model, requires an entity to determine credit-related impairment losses for financial instruments held at amortized cost and to estimate these expected credit losses over the life of an exposure (or pool of exposures). The estimate of expected credit losses should consider both historical and current information, reasonable and supportable forecasts, as well as estimates of prepayments. The estimated credit losses and subsequent adjustment to such loss estimates will be recorded through an allowance account which is deducted from the amortized cost of the financial instrument, with the offset recorded in current earnings. ASC No. 2016-13 also modifies the impairment model for available-for-sale debt securities. The new model will require an estimate of expected credit losses only when the fair value is below the amortized cost of the asset, thus the length of time the fair value of an available-for-sale debt security has been below the amortized cost will no longer affect the determination of whether a credit loss exists. In addition, credit losses on available-for-sale debt securities will be limited to the difference between the security’s amortized cost basis and its fair value. The updated guidance is effective for all entities other than public companies’ fiscal years beginning after December 15, 2022. The Company has adopted this accounting standard, effective January 1, 2023. Management assessed the adoption of this standard on the effective date and concluded that the adoption did not have a material effect on the Company’s financial condition, results of operations, and cash flows during the year ended December 31, 2023. Accounting Standards Issued but Not Yet Adopted Income Tax Disclosures - In December 2023, the Financial Accounting Standards Board (FASB) released ASU No. 2023-09, titled “Income Taxes (Topic 740): Enhancements to Income Tax Disclosures” (referred to as “ASU 2023-09”). This new standard mandates the disclosure, on an annual basis, of specific categories in the rate reconciliation and the disaggregation of income taxes paid by jurisdiction. ASU 2023-09 becomes effective for annual reporting periods starting after December 15, 2025. The Company anticipates that the adoption of this standard will not significantly impact its financial position, results of operations, or cash flows. In November 2023, the Financial Accounting Standards Board (FASB) released ASU 2023-07, titled “Enhancements to Reportable Segment Disclosures” (“ASU 2023-07”). This standard necessitates companies to provide additional, more comprehensive details regarding significant expenses of a reportable segment, even if there is only one such segment. Its purpose is to enhance disclosures related to a public entity’s reportable segments. ASU 2023-07 will be effective for fiscal years commencing after December 15, 2023, and for interim periods starting after December 15, 2024, with the option for early adoption. We are presently assessing the potential impact of adopting ASU 2023-07 on our consolidated financial statements.

Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the Company’s financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. With respect to the audited financial statements as of and for the year ended December 31, 2023, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The consolidated financial statements include the accounts of Rubber Leaf Inc, the parent company and its wholly owned subsidiary in China - Rubber Leaf Sealing Products (Zhejiang) Co., Ltd. All intercompany transactions and balances were eliminated in consolidation.

Reclassifications Certain amounts on the prior-years’ consolidated balance sheets, consolidated statements of operations and cash flows were reclassified to conform to current-year presentation, with no effect on ending stockholders’ equity.

Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. Signiant estimates are used in the collectability of accounts receivable, the useful lives and impairment of long-lived assets, the valuation of deferred tax assets, inventories reserve and provisions for income taxes, among others.

Revenue Recognition The Company early adopted Accounting Standards Update (“ASU”) 2014-09, Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606) since its inception (i.e. July 2019), which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company applies the five-step model to sales contracts. We generate revenue through selling automotive rubber and plastic sealing strips under two models of supply: Model A (Direct Supply Model) Following successful on-site inspections by auto OEMs, RLSP secures listing in its directories as a first-tier supplier that directly provides products to the OEM. For example, eGT is an auto OEM, and we serve as their first-tier supplier. eGT directly signs purchase or supply agreements with RLSP. This positions RLSP to independently procure raw materials, manufacture final products and directly deliver finished goods to the warehouses of the auto OEMs. RLSP fulfills its performance obligation upon the delivery of finished products to their warehouses, following a subsequent quality inspection approved by them. Simultaneously, they may request product replacements for disqualified items. Ownership and control of our finished products transfer to customers upon successful inspection and acceptance into an OEM’s warehouse. Revenue recognition occurs upon the transfer of control of our products to a customer, with payments made directly by the OEM. Model B (Indirect Supply Model) RLSP receives the purchase orders from our related parties-Shanghai Xinsen and Xinsen Sealing Products (Hangzhou) Co., Ltd (“Hangzhou Xinsen”) (collectively named as “Xinsen Group” for two companies together). The Company’s Chief Executive Officer, President and Chairperson, Ms. Xingxiu Hua, previously held a <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ShanghaiXinsenImportAndExportCoLtdMember__srt--TitleOfIndividualAxis__custom--XingxiuHuaMember_z2EwJbwRABEa" title="Ownership percentage">90% ownership interest in Shanghai Xinsen and Shanghai Xinsen holds a <span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--XinsenSealingProductsHangzhouCoLtdMember__srt--TitleOfIndividualAxis__custom--ShanghaiXinsenMember_ziikf01nbgw6" title="Ownership percentage">70% ownership interest in Hangzhou Xinsen. <span id="xdx_908_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--XinsenSealingProductsHangzhouCoLtdMember__srt--TitleOfIndividualAxis__custom--XingxiuHuaMember_zK2tr30vxWfl" title="Ownership percentage description">Effective October 1, 2022, Ms. Hua reduced her ownership of Shanghai Xinsen from 90% to 15%, and accordingly reduced her indirect ownership of Hangzhou Xinsen from 63% to 10.5%. The Xinsen Group serves as a certified second-tier supplier for branded Automobile Manufacturers (“Auto Manufacturers”). A second-tier supplier refers to a supplier that provides products to the first-tier suppliers of the OEM. First-tier suppliers could be suppliers of car doors, rubber and plastic components and other automobile parts. Auto Manufacturers issue consolidated purchase orders for complete sets of rubber and plastic auto parts for a particular model to their first-tier suppliers. These first-tier suppliers subcontract the production of rubber and plastic seals to second-tier suppliers. As a second-tier supplier and a facilitator of production rather than a direct manufacturer, Xinsen Group coordinates with us to fulfill orders. Upon receipt of purchase orders, RLSP procures rubber materials from our vendors. The production process involves outsourcing to third-party manufacturers for either work-in-process products (“WIP”) or finished products, based on management’s decisions in response to operational circumstances. We employ two distinct forms of outsourced processing under Model B. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 26px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 26px">1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">RLSP purchases raw materials and subcontracts production to third-party manufacturers for WIP. Once WIP is finished and delivered to RLSP’s warehouse, RLSP performs certain manual processes, such as welding and constructing in order to meet the specification of the purchase orders. The completion of the final products is contingent upon a rigorous quality inspection conducted by RLSP, ensuring they meet the highest standards.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">RLSP purchases raw materials and subcontracts third party manufacturers to produce finished products. RLSP will trace and observe each step of production undertaken by third-party manufacturers, with a primary focus on the final quality control step.</td></tr> </table> The finished products are delivered to the warehouses of Xinsen Group’s upstream first-tier suppliers, either from our locations or those of the third-party manufacturers. Quality inspection is carried out by assigned inspectors from Xinsen Group upon delivery. RLSP fulfills its obligation when the finished products reach Xinsen Group’s customers and pass the qualified quality inspection. In the event of products that do not pass inspection, the Xinsen Group initiates a product replacement process. Upon confirmation of quality and quantity, and acceptance of finished products into Xinsen Group’s customers’ warehouses, invoices are provided to us as proof of delivery. The date of the invoices signifies the transfer of ownership and control of the finished products under model B from us to Xinsen Group and indirectly to its upstream first-tier suppliers. We recognize at such time as Xinsen Group’s customers accept delivery of products.

0.90

0.70

Effective October 1, 2022, Ms. Hua reduced her ownership of Shanghai Xinsen from 90% to 15%, and accordingly reduced her indirect ownership of Hangzhou Xinsen from 63% to 10.5%

Cost of revenue Cost of revenues is comprised of raw materials consumed, manufacturing costs, third party logistics and distribution costs including packaging, freight, transportation, shipping and handling costs, and inventory adjustment due to the defectives and inventory count.

Cash and Cash Equivalents Cash and cash equivalents include bank deposits and liquid investments with original maturities of three months or less as of the purchase date of such investments.

Restricted cash The Company had notes payable outstanding with Ningbo bank and was required to keep certain amounts on deposit that were subject to withdrawal restrictions. The notes payables were generally short term in nature due to its maturity period of six months or less, thus restricted cash was classified as a current asset.

Concentration risk The Company maintains cash with banks in the United States of America (“USA”) and PRC. Should any bank holding cash become insolvent, or if the Company is otherwise unable to withdraw funds, the Company would lose the cash with that bank; however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. In China, a depositor has up to RMB500,000 insured by the People’s Bank of China Financial Stability Bureau (“FSD”). In the United States, the standard insurance amount is $250,000 per depositor in a bank insured by the Federal Deposit Insurance Corporation (“FDIC”). Financial instruments that potentially subject the Company to significant concentrations of credit risk are cash and cash equivalents and accounts receivable. As of December 31, 2023 and 2022, $Nil and $1,240,272 of the Company’s cash and restricted cash held by financial institutions were uninsured, respectively. Major customers For the years ended December 31, 2023 and 2022, the Company’s revenues from two major customers accounted more than 10% of the total revenue were as following: Schedule of Concentration Risk Percent <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Revenue</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Revenue</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Customer A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--Revenues_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_z9DnbrnYzqAg" style="width: 5%; text-align: right" title="Revenues">1,280,555</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zDZ8CyDJP3fg" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">13</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--AccountsReceivableNetCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_znAmvERDQaAa" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zGyl9UqeFIn3" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">-</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Revenues_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_znkA7FmJ6DEg" style="width: 5%; text-align: right" title="Revenues">5,259,447</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zMEJLb3rCROi" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">49</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AccountsReceivableNetCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zogDTGMayAkd" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_z9U4ypgyPC2" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">-</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer B</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--Revenues_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zSGOmk7706P" style="text-align: right" title="Revenues">8,593,998</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zic0xNlqQ2Mf" style="text-align: right" title="Concentrationr risk, percentage">86</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--AccountsReceivableNetCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zNR6DZ3Y3Ok7" style="text-align: right" title="Concentrationr risk, percentage">5,209,169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zBmdorACxzC1" style="text-align: right" title="Concentrationr risk, percentage">100</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--Revenues_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zg62NvPWOfi8" style="text-align: right" title="Revenues">5,338,728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zUcBXalFZmmb" style="text-align: right" title="Concentrationr risk, percentage">50</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--AccountsReceivableNetCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zUOueSSnmES8" style="text-align: right" title="Accounts receivable">4,665,735</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zdz3Mo8bti51" style="text-align: right" title="Concentrationr risk, percentage">100</td><td style="text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Customer A: eGT New Energy Automotive Co., Ltd. (“eGT”), an unrelated party.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Customer B: Shanghai Xinsen Import & Export Co., Ltd (“Shanghai Xinsen”), a related party that sells RLSP’s products to Shanghai Hongyang Sealing Co., Ltd. (“Shanghai Hongyang”) and Wuhu Huichi Auto Parts Co., Ltd. (“Wuhu Huichi”), two unrelated parties of RLSP and the Company, and certified first-tier suppliers of Auto Manufacturers.</td></tr> </table> Major vendors For the years ended December 31, 2023 and 2022, the Company made purchases from the major vendors accounted more than 10% of the total purchases were as following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Purchase</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts payable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Payable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Purchase</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts payable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Payable</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Vendor A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CostOfGoodsAndServicesSold_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zAAOsVbgFrQ2" style="width: 5%; text-align: right" title="Cost of goods">8,552,684</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_z2rSvPy2A8Nj" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">95</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zFsw1Z6fLqd5" style="width: 5%; text-align: right" title="Accounts payable">2,871,033</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zhxWOvjlpCE1" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">40</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zYV1dBDEm5J4" style="width: 5%; text-align: right" title="Cost of goods">5,549,968</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zfwlXNJi6Ouj" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">67</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zOjrAZWk1Uqe" style="width: 5%; text-align: right" title="Accounts payable">2,384,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_ziTzTr1Zxbag" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">32</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vendor B</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CostOfGoodsAndServicesSold_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zjERnbR2R6k2" style="text-align: right" title="Cost of goods">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zqRR7BpHSWw" style="text-align: right" title="Concentrationr risk, percentage">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zUi5Dyl9Wgmg" style="text-align: right" title="Accounts payable">4,364,105</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zWFa6wwZgH1k" style="text-align: right" title="Concentrationr risk, percentage">60</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_z7RRHGDzW1Dc" style="text-align: right" title="Cost of goods">79,608</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zbRQ6j0rjkXc" style="text-align: right" title="Concentrationr risk, percentage">1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_z50VaGITkde8" style="text-align: right" title="Accounts payable">5,135,351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zrcxfgRC33Q1" style="text-align: right" title="Concentrationr risk, percentage">68</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vendor C</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--CostOfGoodsAndServicesSold_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_z0E4XFujSse6" style="text-align: right" title="Cost of goods">438,230</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zbAhtnV4gWE2" style="text-align: right" title="Concentrationr risk, percentage">5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_ztlYBOY4DXde" style="text-align: right" title="Accounts payable">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_ztkMF5OdA2nb" style="text-align: right" title="Concentrationr risk, percentage">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zqxvpOu4VKni" style="text-align: right" title="Purchase">2,626,103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zQ3rY2vAEUHd" style="text-align: right" title="Concentrationr risk, percentage">32</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zUQsPt4taNz" style="text-align: right" title="Accounts payable">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_z7p8ArptOnX5" style="text-align: right" title="Concentrationr risk, percentage">-</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Vendor A: Shanghai Haozong Rubber & Plastic Technology Co., Ltd. (“Shanghai Haozong”), a related party. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Vendor B: Shanghai Huaxin Economic and Trade Co., Ltd. (“Shanghai Huaxin”), a related party, purchase amounts and accounts payable balances include retainage payables. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Vendor C: Shanghai Yongliansen Import and Export Trading Company (“Yongliansen”), a related party.</td></tr> </table>

500000

250000

1240272

For the years ended December 31, 2023 and 2022, the Company’s revenues from two major customers accounted more than 10% of the total revenue were as following: Schedule of Concentration Risk Percent <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Revenue</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Revenue</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Customer A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--Revenues_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_z9DnbrnYzqAg" style="width: 5%; text-align: right" title="Revenues">1,280,555</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zDZ8CyDJP3fg" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">13</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--AccountsReceivableNetCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_znAmvERDQaAa" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zGyl9UqeFIn3" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">-</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Revenues_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_znkA7FmJ6DEg" style="width: 5%; text-align: right" title="Revenues">5,259,447</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zMEJLb3rCROi" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">49</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AccountsReceivableNetCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zogDTGMayAkd" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_z9U4ypgyPC2" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">-</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer B</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--Revenues_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zSGOmk7706P" style="text-align: right" title="Revenues">8,593,998</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zic0xNlqQ2Mf" style="text-align: right" title="Concentrationr risk, percentage">86</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--AccountsReceivableNetCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zNR6DZ3Y3Ok7" style="text-align: right" title="Concentrationr risk, percentage">5,209,169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zBmdorACxzC1" style="text-align: right" title="Concentrationr risk, percentage">100</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--Revenues_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zg62NvPWOfi8" style="text-align: right" title="Revenues">5,338,728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zUcBXalFZmmb" style="text-align: right" title="Concentrationr risk, percentage">50</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--AccountsReceivableNetCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zUOueSSnmES8" style="text-align: right" title="Accounts receivable">4,665,735</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zdz3Mo8bti51" style="text-align: right" title="Concentrationr risk, percentage">100</td><td style="text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Customer A: eGT New Energy Automotive Co., Ltd. (“eGT”), an unrelated party.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Customer B: Shanghai Xinsen Import & Export Co., Ltd (“Shanghai Xinsen”), a related party that sells RLSP’s products to Shanghai Hongyang Sealing Co., Ltd. (“Shanghai Hongyang”) and Wuhu Huichi Auto Parts Co., Ltd. (“Wuhu Huichi”), two unrelated parties of RLSP and the Company, and certified first-tier suppliers of Auto Manufacturers.</td></tr> </table> Major vendors For the years ended December 31, 2023 and 2022, the Company made purchases from the major vendors accounted more than 10% of the total purchases were as following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Purchase</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts payable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Payable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Purchase</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts payable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Payable</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Vendor A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CostOfGoodsAndServicesSold_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zAAOsVbgFrQ2" style="width: 5%; text-align: right" title="Cost of goods">8,552,684</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_z2rSvPy2A8Nj" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">95</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zFsw1Z6fLqd5" style="width: 5%; text-align: right" title="Accounts payable">2,871,033</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zhxWOvjlpCE1" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">40</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zYV1dBDEm5J4" style="width: 5%; text-align: right" title="Cost of goods">5,549,968</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zfwlXNJi6Ouj" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">67</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zOjrAZWk1Uqe" style="width: 5%; text-align: right" title="Accounts payable">2,384,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_ziTzTr1Zxbag" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">32</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vendor B</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CostOfGoodsAndServicesSold_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zjERnbR2R6k2" style="text-align: right" title="Cost of goods">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zqRR7BpHSWw" style="text-align: right" title="Concentrationr risk, percentage">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zUi5Dyl9Wgmg" style="text-align: right" title="Accounts payable">4,364,105</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zWFa6wwZgH1k" style="text-align: right" title="Concentrationr risk, percentage">60</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_z7RRHGDzW1Dc" style="text-align: right" title="Cost of goods">79,608</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zbRQ6j0rjkXc" style="text-align: right" title="Concentrationr risk, percentage">1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_z50VaGITkde8" style="text-align: right" title="Accounts payable">5,135,351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zrcxfgRC33Q1" style="text-align: right" title="Concentrationr risk, percentage">68</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vendor C</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--CostOfGoodsAndServicesSold_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_z0E4XFujSse6" style="text-align: right" title="Cost of goods">438,230</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zbAhtnV4gWE2" style="text-align: right" title="Concentrationr risk, percentage">5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_ztlYBOY4DXde" style="text-align: right" title="Accounts payable">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_ztkMF5OdA2nb" style="text-align: right" title="Concentrationr risk, percentage">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zqxvpOu4VKni" style="text-align: right" title="Purchase">2,626,103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zQ3rY2vAEUHd" style="text-align: right" title="Concentrationr risk, percentage">32</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zUQsPt4taNz" style="text-align: right" title="Accounts payable">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_z7p8ArptOnX5" style="text-align: right" title="Concentrationr risk, percentage">-</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Vendor A: Shanghai Haozong Rubber & Plastic Technology Co., Ltd. (“Shanghai Haozong”), a related party. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Vendor B: Shanghai Huaxin Economic and Trade Co., Ltd. (“Shanghai Huaxin”), a related party, purchase amounts and accounts payable balances include retainage payables. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Vendor C: Shanghai Yongliansen Import and Export Trading Company (“Yongliansen”), a related party.</td></tr> </table>

1280555

0.13

5259447

0.49

8593998

0.86

5209169

5338728

0.50

4665735

8552684

0.95

2871033

0.40

5549968

0.67

2384085

0.32

4364105

0.60

79608

0.01

5135351

0.68

438230

0.05

2626103

0.32

Accounts Receivable Accounts receivables are reported at their net realizable value. Any value adjustments are booked directly against the relevant receivable. We have standard payment terms that generally require payment within approximately 30 to 60 days. Management performs ongoing credit evaluations of its customers. An allowance for potentially uncollectible accounts is provided based on history, economic conditions, and composition of the accounts receivable aging. As of December 31, 2023 and 2022 no credit risk identified and no allowance for doubtful accounts.

Inventories, net Inventories consist of raw materials and finished products, and are stated at the lower of cost or net realizable value. Cost is calculated by applying the weighted -average method and physically applied first-in-first-out method (FIFO) in inventory stock in and out. The Company regularly reviews inventory quantities on hand and writes down to its net realizable value any inventory that it believes to be impaired. Management considers forecast demand in relation to the inventory on hand, competitiveness of product offerings, market conditions and product life cycles when determining excess and obsolescence and net realizable value adjustments. Once inventory is written down and a new cost basis is established, it is not written back up if demand increases.

Advances to vendors From time to time, we paid advances to our vendors in order to secure our purchase orders or as retainers required pursuant to various purchase agreements related to production and the 2nd production lines currently under construction. The advances have no interest bearing, normally settled along with purchase transactions within 60 to 180 days depend on market condition, and around 365 days for construction projects and/or equipment purchase.

Property and equipment Property and equipment are initially recorded at their historical cost. Repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method over the following estimated useful lives of the depreciable assets: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Land use rights: <span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LandUseRightsMember_z269bBnSr8za" title="Property and equipment, useful life">50 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leasehold improvement: <span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zo2QdXQ2dVL" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember">shorter of the estimate useful life or lease term</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Factory and Building: <span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zHG325oMQ62l" title="Property and equipment, useful life">47 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Factory equipment: <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_zs7rvGTMSZN6" title="Property and equipment, useful life">3-<span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zAdqyg9jaAyd" title="Property and equipment, useful life">36 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Auto vehicles: <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zH2imwEcSzk6" title="Property and equipment, useful life">4 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Office equipment and furniture: <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember__srt--RangeAxis__srt--MinimumMember_z6JweJGY2MUl" title="Property and equipment, useful life">4-<span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember__srt--RangeAxis__srt--MaximumMember_zBQbc9NHTXib" title="Property and equipment, useful life">10 years</td></tr> </table> Construction in progress (“CIP”) includes pre-construction costs, construction costs, interest incurred on financing, amortization of land use right during the construction period, insurance and overhead costs related to construction. Interest of borrowings specific for the construction project and amortization of land use rights are capitalized under CIP when development activities commence, and end when the qualifying assets are ready for their intended use.

P50Y

P47Y

P3Y

P36Y

P4Y

P10Y

Intangible Assets All land in the PRC is owned by the PRC government and cannot be sold to any individual or company. The Company has recorded the amounts paid to the PRC government when acquired long-term interests of land use rights under intangible assets. This type of arrangement is common for the use of land in the PRC. The Company amortizes land use rights based on the term of the respective land use rights granted, which generally ranges from <span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--LandUseRightsMember__srt--RangeAxis__srt--MinimumMember_zW4PlJ4aVobk" title="Intangible asset useful life">15 to <span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--LandUseRightsMember__srt--RangeAxis__srt--MaximumMember_zJlwF7y71Eta" title="Intangible asset useful life">50 years. The land use rights of Collective Lands has unlimited useful lifetime.

P15Y

P50Y

Impairment of Long-Lived Assets The Company’s long-lived assets mainly include property and equipment, land use right recorded under intangible assets and right-of-use assets obtained through operating lease. In accordance with ASC 360, Property, Plant, and Equipment, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of a long-lived asset, or group of assets, as appropriate, may not be recoverable. If the aggregate undiscounted future net cash flows expected to result from the use and the eventual disposition of a long-lived asset is less than its carrying value, then the Company would recognize an impairment loss based on the excess of the carrying value over the fair value. For the years ended December 31, 2023 and 2022, the Company determined there was no impairment of the long-lived assets.

Notes payable Short-term notes payable are lines of credit extended by banks. The banks in-turn issue the Company a bankers acceptance note, which can be endorsed and assigned to vendors as payments for purchases. These short-term notes payable bears no interest and is guaranteed by the bank for its complete face value and usually matures within three to six-month period. The banks usually require the Company to deposit a certain amount of cash at the bank as a guarantee deposit, which is classified on the balance sheet as restricted cash. As of December 31, 2023 and 2022, RLSP held $Nil and $1,312,362 notes payable issued by Ningbo bank with various maturity dates up to December 2022, respectively. The same amount of deposits was required by the banks and classified as restricted cash as of December 31, 2022.

1312362

Advances from customers From time to time, we received advances from our customers, which are made normally under sales frame contracts, each sales transaction will be initiated by purchase orders received under the frame contracts. The advances have no interest bearing, normally settled along with purchase/sales transactions within 60 to 180 days.

Retainage Payables For equipment purchased from Shanghai Huaxin in the PRC, a related party, by RLSP in the PRC, the Company typically retains a portion of the purchase invoices, typically 3-5%, for 12 to 24 months to ensure the quality of equipment after installation during the qualifying warranty period. As of December 31, 2023 and 2022, retainage payables were $Nil and $38,138 with maturity dates various in to December 30, 2022 and 2023, respectively. For equipment purchased from Shanghai Huaxin in the PRC, a related party, by RLSP in the PRC, the Company typically retains a portion of the purchase invoices, typically 3-5%, for 12 to 24 months to ensure the quality of equipment after installation during the qualifying warranty period 38138

Income Taxes We are governed by the Income Tax Law of the PRC and the United States. The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The 2017 Tax Reform Act permanently reduces the U.S. corporate income tax rate to a 21% flat rate. In addition, the 2017 Tax Reform Act also creates a new requirement that certain income (i.e., Global Intangible Low-Taxed Income (“GILTI”)) earned by controlled foreign corporations (“CFCs”) must be included in the gross income of the CFCs’ U.S. shareholder income. The tax law in PRC applies an income tax rate of <span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20230101__20231231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_znWxRs7I7Tgl" title="PRC income tax rate">25% to all enterprises. The Company’s subsidiary does not receive any preferential tax treatment from local government.

0.21

0.25

Value added tax The Company is subject to value added tax (“VAT”). The applicable VAT rate is 13% for products sold in the PRC for the years of 2023 and 2022. The amount of VAT liability is determined by applying the applicable tax rate to the amount of goods sold (output VAT) less VAT accrued on purchases made with the relevant supporting invoices (input VAT). Sales and purchases are recorded net of VAT (the amount of VAT is excluded from revenues and costs) collected and paid as the Company acts as an agent for the government.

0.13 0.13

Earnings Per Share The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company. Pursuant to ASC 260-10-55, EPS computations should be based on the facts and circumstances of the transaction for reorganization. The Company calculated its EPS retrospectively akin to a normal share issuance as if the reorganization incurred from the inception. The Company does not have any potentially dilutive instruments as of December 31, 2023 and 2022, and, thus, anti-dilution issues are not applicable.

Fair Value of Financial Instruments The Company’s balance sheets include certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3 - Inputs that are both significant to the fair value measurement and unobservable.</td></tr> </table> Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2023 and 2022. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include cash and cash equivalent, restricted cash, accounts receivables, advances to vendors, inventories, other current assets, accounts payables, advances from customers and other current liabilities. For short term borrowings and notes payable, the Company concluded the carrying values are a reasonable estimate of fair values because of the short period of time between the origination and repayment and as their stated interest rates approximate current rates available.

Operating Leases The Company adopted ASC 842 since its inception. The Company determines if an arrangement is or contains a lease at inception. Operating leases with lease terms of more than 12 months are included in operating lease assets, accrued and other current liabilities, and long-term operating lease liabilities on its consolidated balance sheet. Operating lease assets represent its right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments over the lease term. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments discounted using its incremental borrowing rate. Lease expense is recognized on a straight-line basis over the lease term.

Related Parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

Foreign Currency Amounts reported in the condensed consolidated financial statements are stated in United States dollars, unless stated otherwise. The Company’s subsidiary in the PRC use the Chinese renminbi (RMB) as their functional currency and the holding company - RLI uses the United States dollar as their functional currency. For subsidiaries that use the local currency as the functional currency, all assets and liabilities are translated to United States dollars using exchange rates in effect at the end of the respective periods and the results of operations have been translated into United States dollars at the weighted average rates during the periods the transactions were recognized. Resulting translation gains or losses are recognized as a component of other comprehensive income (loss). In accordance with ASC 830, Foreign Currency Matters (ASC 830), the Company translates the assets and liabilities into United States dollars using the rate of exchange prevailing at the balance sheet date and the statements of operations and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation from RMB into United States dollar are recorded in stockholders’ equity as part of accumulated other comprehensive income. Further, foreign currency transaction gains and losses are a result of the effect of exchange rate changes on transactions denominated in currencies other than the functional currency. Gains and losses on those foreign currency transactions are included in other income (expense), net for the period in which exchange rates change.

Comprehensive Income (Loss) The Company accounts for comprehensive income (loss) in accordance with ASC 220, Income Statement-Reporting Comprehensive Income (ASC 220). Under ASC 220, the Company is required to report comprehensive income (loss), which includes net income (loss) as well as other comprehensive income (loss). The only significant component of accumulated other comprehensive income (loss) as of December 31, 2023 and 2022 is the currency translation adjustment.

Segment Information Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the executive team, which is comprised of the chief executive officer and the chief financial officer. Based on the financial information presented to and reviewed by the chief operating decision maker in deciding how to allocate the resources and in assessing the performance, the Company has determined that it has two operating and reporting segments based on sales channels – direct supply and indirect supply as of December 31, 2023 and 2022.

Recent Accounting Standard Adopted In June 2016, the FASB issued ASC Update No. 2016-13, (Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASC update introduces new guidance for the accounting for credit losses on financial instruments within its scope. A new model, referred to as the current expected credit losses model, requires an entity to determine credit-related impairment losses for financial instruments held at amortized cost and to estimate these expected credit losses over the life of an exposure (or pool of exposures). The estimate of expected credit losses should consider both historical and current information, reasonable and supportable forecasts, as well as estimates of prepayments. The estimated credit losses and subsequent adjustment to such loss estimates will be recorded through an allowance account which is deducted from the amortized cost of the financial instrument, with the offset recorded in current earnings. ASC No. 2016-13 also modifies the impairment model for available-for-sale debt securities. The new model will require an estimate of expected credit losses only when the fair value is below the amortized cost of the asset, thus the length of time the fair value of an available-for-sale debt security has been below the amortized cost will no longer affect the determination of whether a credit loss exists. In addition, credit losses on available-for-sale debt securities will be limited to the difference between the security’s amortized cost basis and its fair value. The updated guidance is effective for all entities other than public companies’ fiscal years beginning after December 15, 2022. The Company has adopted this accounting standard, effective January 1, 2023. Management assessed the adoption of this standard on the effective date and concluded that the adoption did not have a material effect on the Company’s financial condition, results of operations, and cash flows during the year ended December 31, 2023.

Accounting Standards Issued but Not Yet Adopted Income Tax Disclosures - In December 2023, the Financial Accounting Standards Board (FASB) released ASU No. 2023-09, titled “Income Taxes (Topic 740): Enhancements to Income Tax Disclosures” (referred to as “ASU 2023-09”). This new standard mandates the disclosure, on an annual basis, of specific categories in the rate reconciliation and the disaggregation of income taxes paid by jurisdiction. ASU 2023-09 becomes effective for annual reporting periods starting after December 15, 2025. The Company anticipates that the adoption of this standard will not significantly impact its financial position, results of operations, or cash flows. In November 2023, the Financial Accounting Standards Board (FASB) released ASU 2023-07, titled “Enhancements to Reportable Segment Disclosures” (“ASU 2023-07”). This standard necessitates companies to provide additional, more comprehensive details regarding significant expenses of a reportable segment, even if there is only one such segment. Its purpose is to enhance disclosures related to a public entity’s reportable segments. ASU 2023-07 will be effective for fiscal years commencing after December 15, 2023, and for interim periods starting after December 15, 2024, with the option for early adoption. We are presently assessing the potential impact of adopting ASU 2023-07 on our consolidated financial statements.

Note 3 - Inventories, net Inventories consisted of raw rubber materials, finished goods of rubber products and others, and are stated at the lower of cost or net realizable value. As of December 31, 2023 and December 31, 2022, inventories consisted of the following: Schedule of Inventories <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_499_20231231_zIrWOmv6vlw6" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_491_20221231_zinh9x0cr0l6" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--InventoryRawMaterialsAndSupplies_iI_maINzmcP_z7dKdigMC8rb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Raw materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">12,761</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,900</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--InventoryFinishedGoods_iI_maINzmcP_zbLXxCd1BFF8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">747,849</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,329,577</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InventoryNet_iTI_mtINzmcP_zJG9b0CM6PV2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">760,610</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,338,477</td><td style="text-align: left"> </td></tr> </table> Gain on selling of imperfection During the year 2021, the Company has identified the inventory in the amount of $709,479 which was scraped out and unsellable to our customers. However, after RSLP made multiple claims to the supplier, the supplier made a lab test for the scraped parts in order to identify the problems. After reprocessing, RSLP sold $545,975 of the total imperfections to the customer at a reduced price during the year 2022. The total amount of gain on the selling of imperfections is $462,368. As of December 31, 2023 and 2022, $nil and $9,649 reserved for slow moving and obsolete inventory items, respectively.

Inventories consisted of raw rubber materials, finished goods of rubber products and others, and are stated at the lower of cost or net realizable value. As of December 31, 2023 and December 31, 2022, inventories consisted of the following: Schedule of Inventories <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_499_20231231_zIrWOmv6vlw6" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_491_20221231_zinh9x0cr0l6" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--InventoryRawMaterialsAndSupplies_iI_maINzmcP_z7dKdigMC8rb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Raw materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">12,761</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,900</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--InventoryFinishedGoods_iI_maINzmcP_zbLXxCd1BFF8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">747,849</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,329,577</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InventoryNet_iTI_mtINzmcP_zJG9b0CM6PV2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">760,610</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,338,477</td><td style="text-align: left"> </td></tr> </table>

12761

8900

747849

1329577

760610

1338477

709479

545975

462368

9649

Note 4 - Plant and equipment, net Schedule of Plant and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20231231_zb72kEsF9iK2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20221231_zzXQJe4DOawi" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--MachineryAndEquipmentGross_iI_maPAEGzrnT_zqCwRmnptlv2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Equipment and machinery</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,469,683</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,633,421</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--BuildingsAndImprovementsGross_iI_maPAEGzrnT_zHjFZ42rEDIl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Factory and Building</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">5,455,619</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FurnitureAndFixturesGross_iI_maPAEGzrnT_zZB2yZj1Wfsk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,257</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,505</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AutoVehiclesGross_iI_maPAEGzrnT_z1FFujrsqXM" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Auto vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,645</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,783</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LeaseholdImprovementsGross_iI_maPAEGzrnT_zTGn3B6eHKO5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvement</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">118,673</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,124</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPAEGzrnT_zH6uyaJ0heAe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Minus: Accumulated depreciation and amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,010,404</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,497,885</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--PropertyPlantAndEquipmentGrossExcludingConstructionInProgress_iTI_mtPAEGzrnT_maPPAENz47F_z2WyO2oLHJC5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,061,473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,280,948</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ConstructionInProgressGross_iI_maPPAENz47F_zSrPif8gLFHi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left">Construction in progress</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,518,836</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz47F_zFXmCE7UkJRf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Property plant and equipment, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,061,473</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,799,784</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> Upon obtained the right use of land, RLSP started to build the manufacture plant on the land. The Company capitalized the cost in related to the construction, including the interests related to the borrowings, the utilities occurred in the construction, the amortization of land use of right. On August 5, 2022, RLSP and Ningbo Rongsen Construction Co., Ltd (“Ningbo Rongsen”) signed a Construction Engineering Contract, with an agreed project cost of US $4,931,105 (RMB 35 million). The project was completed on October 25, 2023. Upon receiving the construction project fire protection acceptance issued by the local government, the total construction cost of the factory in the amount of $5,221,922 (RMB 37,064,159) was transferred to plant and equipment, net account, labeled “Factory and Building” on December 25, 2023. See Note 13 for more details about the Construction project. For the equipment used for manufacturing, the depreciation expense is included as part of manufacturing overhead, while the equipment used for general administrative are included in selling, general and administrative expense on the statements of operations. For the years ended December 31, 2023 and 2022, the depreciation and amortization expenses were $556,530 and $614,744, respectively.

Schedule of Plant and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20231231_zb72kEsF9iK2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20221231_zzXQJe4DOawi" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--MachineryAndEquipmentGross_iI_maPAEGzrnT_zqCwRmnptlv2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Equipment and machinery</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,469,683</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,633,421</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--BuildingsAndImprovementsGross_iI_maPAEGzrnT_zHjFZ42rEDIl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Factory and Building</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">5,455,619</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FurnitureAndFixturesGross_iI_maPAEGzrnT_zZB2yZj1Wfsk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,257</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,505</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AutoVehiclesGross_iI_maPAEGzrnT_z1FFujrsqXM" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Auto vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,645</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,783</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LeaseholdImprovementsGross_iI_maPAEGzrnT_zTGn3B6eHKO5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvement</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">118,673</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,124</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPAEGzrnT_zH6uyaJ0heAe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Minus: Accumulated depreciation and amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,010,404</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,497,885</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--PropertyPlantAndEquipmentGrossExcludingConstructionInProgress_iTI_mtPAEGzrnT_maPPAENz47F_z2WyO2oLHJC5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,061,473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,280,948</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ConstructionInProgressGross_iI_maPPAENz47F_zSrPif8gLFHi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left">Construction in progress</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,518,836</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz47F_zFXmCE7UkJRf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Property plant and equipment, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,061,473</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,799,784</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>

5469683

5633421

5455619

4257

3505

23645 19783

118673

122124

2010404

1497885

9061473 4280948

2518836

9061473

6799784

4931105

35000000

5221922

37064159

556530

614744

Note 5 – Intangible asset, net On October 21, 2020, RLSP purchased land use rights, for <span id="xdx_90B_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20201021__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--LandUseRightsMember_zp9ugAJqq9Jb" title="Intangible asset useful life">50 years useful life, located in Chunhun Street, in Fenghua city, Zhejiang Province, for a total purchase price of $<span id="xdx_906_eus-gaap--FinitelivedIntangibleAssetsAcquired1_c20201020__20201021__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--LandUseRightsMember_zZ8BIxrUcdn" title="Finite-lived intangible assets acquired">2,064,554 (RMB <span id="xdx_906_eus-gaap--FinitelivedIntangibleAssetsAcquired1_uRMB_c20201020__20201021__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--LandUseRightsMember_zhgVKaYVtmck" title="Finite-lived intangible assets acquired">13,729,900 at exchange rate of <span id="xdx_90E_eus-gaap--ForeignCurrencyExchangeRateRemeasurement1_iI_uPure_c20201021__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--LandUseRightsMember_zHv26viMbdO1" title="Exchange rate">0.1504), the information of the land use rights is as followed: Intangible asset, net consists of the following: Schedule of Intangible Asset <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20231231_zPIvc3TTr0w6" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20221231_zPZGO6ryWsTh" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_maFLIANzdbe_zkfrVbl9nBVd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Land use rights</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,138,833</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,201,040</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_di_msFLIANzdbe_zsUvpDRQnA9i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: Accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(137,720</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(97,705</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANzdbe_zumNaahFNySh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Intangible asset, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,001,113</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,103,335</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> For the years ended December 31, 2023 and 2022, $<span id="xdx_90C_eus-gaap--AmortizationOfIntangibleAssets_c20230101__20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--LandUseRightsMember_zUwoKU9rsBe" title="Amortization of intangible assets">42,906 and $<span id="xdx_90D_eus-gaap--AmortizationOfIntangibleAssets_c20220101__20221231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--LandUseRightsMember_zCKJHuHEabcj" title="Amortization of intangible assets">46,039 amortization of land use rights were capitalized under CIP, respectively.

P50Y

2064554

13729900

0.1504

Intangible asset, net consists of the following: Schedule of Intangible Asset <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20231231_zPIvc3TTr0w6" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20221231_zPZGO6ryWsTh" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_maFLIANzdbe_zkfrVbl9nBVd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Land use rights</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,138,833</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,201,040</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_di_msFLIANzdbe_zsUvpDRQnA9i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: Accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(137,720</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(97,705</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANzdbe_zumNaahFNySh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Intangible asset, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,001,113</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,103,335</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>

2138833

2201040

137720

97705

2001113

2103335

42906

46039

Note 6 – Borrowings On November 30, 2020, RLSP entered a one-year bank loan of $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_c20201130__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zpy3FxaPClG6" title="Borrowings, face amount">2,298,851 (RMB <span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_uRMB_c20201130__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_ztvKAPqG1sm7" title="Borrowings, face amount">15 million) with Fenghua Chunhu branch, Agricultural Bank of China Co., Ltd. with the annual interest rate of<span id="xdx_908_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20201129__20201130__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zdAFwh1rMKL" title="Borrowings, interest rate"> 4.7%. The collateral pledged for the loan was the land use right with appraisal value of $<span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn4n6_c20201130__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember__us-gaap--PledgedStatusAxis__us-gaap--AssetPledgedAsCollateralMember_z9nXAwtKjQvf" title="Land use right value">5.44 million (approximately RMB <span id="xdx_90B_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn5n6_uRMB_c20201130__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember__us-gaap--PledgedStatusAxis__us-gaap--AssetPledgedAsCollateralMember_z04scE9fk93d" title="Land use right value">35.2 million). RLSP repaid RMB <span id="xdx_906_eus-gaap--RepaymentsOfShortTermDebt_pn6n6_uRMB_c20211129__20211130__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zDhyLq2LCeK2" title="Repayment of loan">2 million and renewed $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20211130__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zS8h7fcXm5tk" title="Borrowings, face amount">2,017,005 (RMB <span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_uRMB_c20211130__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zangm2qtivzl" title="Borrowings, face amount">13 million) loan on November 30, 2021 with <span id="xdx_906_eus-gaap--DebtInstrumentTerm_dxL_c20211129__20211130__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zJtUB0P1OAJg" title="Debt term::XDX::P1Y">one-year term. The loan was fully paid back on November 2022. On April 30, 2021, RLSP borrowed $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20210430__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zbGI3bxHBEyg" title="Borrowings, face amount">774,401 (RMB <span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_uRMB_c20210430__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zc7OwMbAJNT4" title="Borrowings, face amount">5 million) short-term loan from an unrelated entity guaranteed by an individual person. The loan has a monthly interest rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20210429__20210430__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember_zTLUWMV25laj" title="Borrowings, monthly interest rate">1% with the due date on <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20210429__20210430__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zfzqxev0l1uh" title="Maturity date">June 15, 2021. <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateTerms_c20210429__20210430__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember_zEUF371v66el" title="Interest rate term">Pursuant to the loan agreement, the interest rate will increase to 2% monthly if RLSP is in default of loan terms and the lender may further obtain 5% of RLSP’s ownership. On November 10, 2021, RLSP extended the maturity date of the loan till April 30, 2022 with the other loan terms remain the same and the two parties have verbally agreed to extend the due date to <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20211110__20211110__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_z5dJNvEt7J8a" title="Maturity date">December 31, 2023. As of December 31, 2023 and 2022, the loan balances were $<span id="xdx_90E_eus-gaap--LoansPayableToBank_iI_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--AprilThirtyTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_z9rkrvgX7m49" title="Borrowings, outstanding">267,689(RMB <span id="xdx_90F_eus-gaap--LoansPayableToBank_iI_pn5n6_uRMB_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--AprilThirtyTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zTzV3Ko5wrZ9" title="Borrowings, outstanding">1.9 million) and $<span id="xdx_909_eus-gaap--LoansPayableToBank_iI_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--AprilThirtyTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zxuKTcK6wDn3" title="Borrowings, outstanding">275,474 (RMB <span id="xdx_906_eus-gaap--LoansPayableToBank_iI_pn5n6_uRMB_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--AprilThirtyTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zCGZA7B0qKVa" title="Borrowings, outstanding">1.9 million), respectively. On September 1, 2021, RLSP borrowed $154,832 (RMB <span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_uRMB_c20210901__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zxEvydJ8b944">1 million) short-term loan from an unrelated individual. The loan has an annual interest rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20210901__20210901__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zPif2Qm9OuRh">13% with due date on <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20210901__20210901__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zAPMemy9XgY4">August 31, 2022. RLSP has had several round financing transactions with the individual since then. As of December 31, 2023 and 2022, the individual loan balances were $<span id="xdx_902_eus-gaap--LoansPayableToBank_iI_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--SeptemberOneTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zmUn2i2s3kaa">67,627 (RMB <span id="xdx_901_eus-gaap--LoansPayableToBank_iI_pn4n6_uRMB_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--SeptemberOneTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_z40hgMjq0fg6">0.48 million) and $<span id="xdx_903_eus-gaap--LoansPayableToBank_iI_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--SeptemberOneTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zZO6gq0oANe">98,591 (RMB <span id="xdx_903_eus-gaap--LoansPayableToBank_iI_pn4n6_uRMB_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--SeptemberOneTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zO2XG8NDZbA">0.68 million), respectively. RMB<span id="xdx_90C_eus-gaap--LoansPayableToBank_iI_uRMB_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--SeptemberOneTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zuFziJiPaVK8">480,000 out of $<span id="xdx_90D_eus-gaap--LoansPayableToBank_iI_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--SeptemberOneTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zhf5w5nZPh23">67,627 loan balance has no maturity date. The Company may repay the loan anytime and no interest further on. On September 1, 2021, RLSP borrowed $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20210901__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_zk9abmGUawU9" title="Borrowings, face amount">247,732 (RMB <span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_uRMB_c20210901__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_zpuMWF7ukHs7" title="Borrowings, face amount">1.6 million) short-term loan from an officer of RLSP. The loan has an annual interest rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20210901__20210901__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_zMaIXGFkVFDd" title="Borrowings, interest rate">8% with due date on <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20210901__20210901__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_zZygDR6B56Cl" title="Maturity date">August 31, 2022. RLSP borrowed $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_zvO2flwczMh" title="Borrowings, face amount">152,359 and $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_dxL_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_zMo7nvAoLiCj" title="Borrowings, face amount::XDX::-">Nil during 2023 and 2022, and repaid $<span id="xdx_90C_eus-gaap--RepaymentsOfShortTermDebt_c20230101__20231231__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_zie6nbKBSZyf" title="Repayment of debt">28,263 and $<span id="xdx_90D_eus-gaap--RepaymentsOfShortTermDebt_c20220101__20221231__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_zhSrZzUJLFS6" title="Repayment of debt">69,256 back during 2023 and 2022, respectively. As of December 31, 2023 and 2022, the loan balances were $<span id="xdx_903_eus-gaap--LoansPayableToBank_iI_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--SeptemberOneTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_z4P5Z2cX3nVj" title="Borrowings, outstanding">183,881 (RMB <span id="xdx_905_eus-gaap--LoansPayableToBank_iI_pn5n6_uRMB_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--SeptemberOneTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_zc7r8eL2kjw4" title="Borrowings, outstanding">1.3 million) and $<span id="xdx_909_eus-gaap--LoansPayableToBank_iI_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--SeptemberOneTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_zJOc8AbH49b1" title="Borrowings, outstanding">61,909 (RMB <span id="xdx_90B_eus-gaap--LoansPayableToBank_iI_pn4n6_uRMB_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--SeptemberOneTwentytwentyOneTermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_zVRyzsa378J" title="Borrowings, outstanding">0.43 million), respectively. The loan term was extended to <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20230311__20230311__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__srt--OfficerMember_zsV0dTRLhYm7" title="Maturity date">December 31, 2023 on March 11, 2023 and the officer has waived loan interest since September 2022. On November 30, 2021, RLSP borrowed $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_c20211130__us-gaap--ShortTermDebtTypeAxis__us-gaap--MortgagesMember__us-gaap--LineOfCreditFacilityAxis__custom--ZhejiangYongyinFinancialleasingCoLtdMember_z3SHOlT0j6rg">314,857 (RMB <span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_uRMB_c20211130__us-gaap--ShortTermDebtTypeAxis__us-gaap--MortgagesMember__us-gaap--LineOfCreditFacilityAxis__custom--ZhejiangYongyinFinancialleasingCoLtdMember_zemY2f2furZ">2 million) in the form of a secured note from Zhejiang Yongyin Financial leasing Co., Ltd, a subsidiary of Ningbo Fenghua Rural Commercial Bank Co., Ltd, pledged with machinery and equipment RLSP purchased and fully paid with the market value of approximately RMB<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_uRMB_c20211130__us-gaap--ShortTermDebtTypeAxis__us-gaap--MortgagesMember__us-gaap--LineOfCreditFacilityAxis__custom--ZhejiangYongyinFinancialleasingCoLtdMember__us-gaap--PledgedStatusAxis__us-gaap--AssetPledgedAsCollateralMember_zvpgIKQA6Y1e">2.3 million. The loan has a two-year term with due date on <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20211129__20211130__us-gaap--ShortTermDebtTypeAxis__us-gaap--MortgagesMember__us-gaap--LineOfCreditFacilityAxis__custom--ZhejiangYongyinFinancialleasingCoLtdMember_zEdWV3tXa3Oe">November 19, 2023. The loan balances were $<span id="xdx_90E_eus-gaap--LoansPayableToBank_iI_c20231231__us-gaap--ShortTermDebtTypeAxis__us-gaap--MortgagesMember__us-gaap--LineOfCreditFacilityAxis__custom--ZhejiangYongyinFinancialleasingCoLtdMember_zUJaOKWu8Ka1">288,348 and $<span id="xdx_90C_eus-gaap--LoansPayableToBank_iI_c20221231__us-gaap--ShortTermDebtTypeAxis__us-gaap--MortgagesMember__us-gaap--LineOfCreditFacilityAxis__custom--ZhejiangYongyinFinancialleasingCoLtdMember_zUd7aFsqYqig">135,357 as of December 31, 2023 and 2022, respectively. On March 2022, RLSP borrowed $20,901 personal loans from two employees and $10,451 was repaid in April 2022. As of December 31, 2022, the outstanding loan balance was $10,149. The loans bear no interest and are due on demand. The loan was fully paid back on March 2023. On November 18, 2022, RLSP entered a one-year bank loan of $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_c20221118__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zrjLcR0YwsUa" title="Borrowings, face amount">1,884,823 (RMB <span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_uRMB_c20221118__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_z6wMQU19GzWd" title="Borrowings, face amount">13 million) with Fenghua Chunhu branch, Bank of Ningbo, with the annual interest rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20221115__20221118__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zi9TMYBEbFE5" title="Borrowings, interest rate">4.5%. The collateral pledged for the loan was the land use right with appraisal value of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn2n6_c20221118__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember__us-gaap--PledgedStatusAxis__us-gaap--AssetPledgedAsCollateralMember_z87EkO5hE19d" title="Borrowings, face amount">3.44 million (approximately RMB <span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn4n6_uRMB_c20221118__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--PledgedStatusAxis__us-gaap--AssetPledgedAsCollateralMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zKC5XybU78He" title="Borrowings, face amount">23.69 million). The loan was extended to September 30, 2023 on <span id="xdx_908_eus-gaap--DebtInstrumentMaturityDate_ddp_c20221115__20221118__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zhmZovqsFbB" title="Maturity date">September 22, 2023. On September 21, 2023 RLSP entered a three-month bank loan of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20230921__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zp7CJ6CCOgf5" title="Borrowings, face amount">1,837,092 (RMB$<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_uRMB_c20230921__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zXgJ3Mg0qsz6" title="Borrowings, face amount">13 million) with the same bank branch and fully paid back before December 31, 2023. On December 25, 2023, RLSP borrowed $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_c20231225__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zrUKkFtaNN5k" title="Borrowings, face amount">1,837,092 (RMB <span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_uRMB_c20231225__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zYuFAGnYAns2" title="Borrowings, face amount">13 million) with due date on December 31, 2023. The loan balances were $<span id="xdx_90D_eus-gaap--LoansPayableToBank_iI_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zNLNRgWFYV64" title="Loan, outstanding">1,831,553 and <span id="xdx_909_eus-gaap--LoansPayableToBank_iI_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--BankLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--FenghuaChunhuBranchMember_zI9yBLNI9Ghg" title="Loan, outstanding">1,884,823 as of December 31, 2023 and 2022, respectively. On September 14, 2023, RLSP borrowed $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_c20230914__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zUMMW5ZBsxk9" title="Borrowings, face amount">2,054,513 (RMB <span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_uRMB_c20230914__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zBcti0ZFMpXc" title="Borrowings, face amount">15 million) a short-term loan from unrelated individual for temporarily fund shortage. The loan bears <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20230914__20230914__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zBFXGi3oWDj4" title="Borrowings, interest rate">2.5% monthly interest rate and has its maturity date of <span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_dd_c20230914__20230914__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_z9mmlZbB1x3j" title="Borrowings, maturity date">November 30, 2023. RLSP repaid back $<span id="xdx_90E_eus-gaap--RepaymentsOfShortTermDebt_c20230901__20230930__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zRPDj8eDQFNl" title="Repayment of loan">1,780,578 (RMB <span id="xdx_902_eus-gaap--RepaymentsOfShortTermDebt_pn6n6_uRMB_c20230901__20230930__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zO0g4mriAFx7" title="Repayment of loan">13 million out of RMB<span id="xdx_901_eus-gaap--RepaymentsOfOtherShortTermDebt_pn6n6_uRMB_c20230901__20230930__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zA3OBMZfRUxf" title="Repayment of loan">15 million) during September 2023. There is no maturity date with balance of $<span id="xdx_906_eus-gaap--LoansPayableToBank_iI_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zOKwYo1m53d5" title="Mortgage loan">281,777 (RMB <span id="xdx_908_eus-gaap--LoansPayableToBank_iI_pn6n6_uRMB_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zSRXrB2ODg23" title="Mortgage loan">2 million) as of December 31, 2023. RLSP plans to payoff this loan in April 2024. On October 20 and October 30, 2023, RLSP borrowed $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_c20231020__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zOpUir174tyl" title="Borrowings, face amount">365,245 (RMB <span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_uRMB_c20231020__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_z1p4aSduy4w4" title="Borrowings, face amount">2.6 million) and $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_c20231030__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zBh8wMBlYZ6j" title="Borrowings, face amount">353,287 (RMB <span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_uRMB_c20231030__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zaMHtePkJP89" title="Borrowings, face amount">2.5 million) short-term loans with a monthly interest rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20231020__20231020__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zYcrboiOafb4" title="Borrowings, interest rate"><span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20231030__20231030__us-gaap--ShortTermDebtTypeAxis__custom--TermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zWfrFyF18VQa" title="Borrowings, interest rate">3% from an unrelated individual. The total loan balance was $<span id="xdx_90B_eus-gaap--LoansPayableToBank_iI_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--OctoberTwentyTwentyThreeTermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zG2i0eBkTBf9" title="Borrowings, face amount">718,532 (RMB <span id="xdx_90A_eus-gaap--LoansPayableToBank_iI_pn5n6_uRMB_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--OctoberTwentyTwentyThreeTermLoanMember__us-gaap--LineOfCreditFacilityAxis__custom--UnrelatedIndividualMember_zOcsbZeB6Ai2" title="Borrowings, face amount">5.1 million) as of December 31, 2023. RLSP plans to payoff these loans in April 2024. Interest expense primarily consists of the interest incurred on the bank loans, commercial & individual loans and minor bank service charges. For years ended December 31, 2023 and 2022, the Company recorded the interest expense of $237,581 and $187,528, respectively.

2298851

15000000

0.047

5440000

35200000

2000000

2017005

13000000

774401

5000000

0.01

2021-06-15

Pursuant to the loan agreement, the interest rate will increase to 2% monthly if RLSP is in default of loan terms and the lender may further obtain 5% of RLSP’s ownership

2023-12-31

267689

1900000

275474

1900000

154832

1000000

0.13

2022-08-31

67627

480000

98591

680000

480000

67627

247732

1600000

0.08

2022-08-31

152359

28263

69256

183881

1300000

61909

430000

2023-12-31

314857

2000000

2300000

2023-11-19

288348

135357

20901

10451

10149

1884823

13000000

0.045

3440000

23690000

2023-09-22

1837092

13000000

1837092

13000000

1831553

1884823

2054513

15000000

0.025

2023-11-30

1780578

13000000

15000000

281777

2000000

365245

2600000

353287

2500000

0.03

718532

5100000

237581

187528

Note 7 – Related Party Transactions Purchase In order to reduce the purchase cost and enhance the purchase power, the Company purchases the main raw materials from Yongliansen Import and Export Trading Company (“Yongliansen”) and Shanghai Haozong Rubber & Plastic Technology Co., Ltd. (“Shanghai Haozong”), and also purchases equipment and rubber products under indirect supply model from Shanghai Huaxin Economic and Trade Co., Ltd. (“Shanghai Huaxin”) during the year ended December 31, 2023 and 2022. The Company’s founder holds minor equity interests of the three suppliers directly or indirectly and one of the Company directors, Mr. Jun Tong holds <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ShanghaiHaozongRubberAndPlasticTechnologyCoLtdMember__srt--TitleOfIndividualAxis__custom--JunTongMember_zxQWCNLik2Ik" title="Ownership percentage">30% ownership of Shanghai Haozong. For the years ended December 31, 2023 and 2022, RLSP purchased raw materials from Yongliansen (“Vendor C”) in the total amount of $<span id="xdx_901_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_c20230101__20231231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zv7SHNhrwue7" title="Related party transaction, purchases">438,230 and $<span id="xdx_909_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_c20220101__20221231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zjQzTP4zWjw4" title="Related party transaction, purchases">2,626,103, respectively. As of December 31, 2023 and 2022, RLSP advanced Yongliansen $<span id="xdx_909_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20230101__20231231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zXfm6aZ8a9Sc" title="Related party transaction, advanced">219,734 and $<span id="xdx_90D_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20220101__20221231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zFJ4RiIOyuU9" title="Related party transaction, advanced">10,353 respectively, mainly for raw material purchases. On November 30, 2020, RLSP advanced RMB <span id="xdx_904_eus-gaap--OtherReceivables_iI_pn6n6_uRMB_c20201130__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zFvpnazewfQ4" title="Due from related party">15 million or $2,113,331 as a deposit (the “Deposit”) to Yongliansen in order to lock-down our premium customer position among all customers of Yongliansen and maintain a long-term business relationship. The Deposit bears no interest and is due on demand. Due to less procurement of raw materials made from Yongliansen in 2022, RLSP requested Yongliansen to refund the Deposit, and Yongliansen agreed to fully refund RLSP by December 31, 2022. On December 15, 2022, RLSP and Yongliansen entered into a Payment Agreement, among which Yongliansen requested to extend the repayment date of the Deposit to April 30th, 2024, and RLSP has agreed to grant such extension request. For the years ended December 31, 2023 and 2022, RLSP purchased $<span id="xdx_904_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_c20230101__20231231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zYWEqfiWppz" title="Related party transaction, purchases">8,552,684 and $<span id="xdx_90A_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_c20220101__20221231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zbEtunruRRY2" title="Related party transaction, purchases">5,549,968 rubber products from Shanghai Haozong (“Vendor A”), respectively. As of December 31, 2023 and 2022, $2,871,033 and $2,384,085 accounts payable due to Shanghai Haozong, respectively. For the years ended December 31, 2023 and 2022, RLSP purchased $<span id="xdx_909_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_dxL_c20230101__20231231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zXoq4EbqOXPj" title="Related party transaction, purchases::XDX::-">Nil and $<span id="xdx_900_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_c20220101__20221231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zGNhUGmlrq37" title="Related party transaction, purchases">79,608 rubber products and equipment from Shanghai Huaxin (“Vendor B”), respectively. As of December 31, 2023 and 2022, $4,364,105 and $5,135,351 payable were due to Shanghai Huaxin, respectively, including $Nil and $38,119 retainage payable, respectively. On December 25, 2021, RLSP signed a Payment Extension Agreement with Shanghai Huaxin regarding outstanding account payable balance, which was amended on August 14, 2022. Under the amended Payment Extension Agreement, RLSP and Shanghai Huaxin both agreed that the $6,835,124 accounts payable as of June 30, 2022 shall be paid based on the agreed-upon payment schedule, of which $746,480 accounts payable should be paid before December 31, 2022. During the years ended December 31, 2023 and 2022, the Company has paid $628,003 (RMB4,440,000) and $<span id="xdx_90E_eus-gaap--RepaymentsOfRelatedPartyDebt_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--PaymentExtensionAgreementMember_zqMUojJtLAaa" title="Repayments of related party debt">1,626,379 (RMB <span id="xdx_907_eus-gaap--RepaymentsOfRelatedPartyDebt_uRMB_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--PaymentExtensionAgreementMember_ze0p1JYGKjG" title="Repayments of related party debt">11,350,337), respectively. The remaining balance of $4,364,105 shall be paid by the end of April 30, 2024 per the Payment Extension Agreement. Sales under Indirect Supply Model In order to stabilize customer relationships and maintain long-term orders, we authorized two related parties - Shanghai Xinsen (“Customer B”) and Hangzhou Xinsen (“Customer C”) as our distributors. The Company’s President, Ms. Xingxiu Hua, holds <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--XinsenSealingProductsHangzhouCoLtdMember__srt--TitleOfIndividualAxis__custom--XingxiuHuaMember_zMHeWFeao9K9" title="Ownership percentage">90% ownership of Shanghai Xinsen and Shanghai Xinsen holds <span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--XinsenSealingProductsHangzhouCoLtdMember__srt--TitleOfIndividualAxis__custom--ShanghaiXinsenMember_zq8tLxDJRMe9" title="Ownership percentage">70% ownership of Hangzhou Xinsen, or Ms. Hua owns 63% ownership of Hangzhou Xinsen, respectively. Effective on October 1, 2022, Ms. Hua reduced her ownership of Shanghai Xinsen from 90% to 15%, and so accordingly reduced her indirect ownership of Hangzhou Xinsen from 63% to 10.5%. Xinsen Group is a rubber product trading expert with 20 years of experience in the auto parts market, who charges 1% of the total sales amount before VAT tax as sales commission before September 30, 2022, and subsequently 0.25% effective from October 1, 2022 after the renegotiation between RLSP and Xinsen Group. The sales commission incurred in each period is recorded as part of selling expense of the Company. For the years ended December 31, 2023 and 2022, RLSP had indirect sales through Shanghai Xinsen that were sold to two certified first-tier suppliers of the Auto Manufacturers $<span id="xdx_90F_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--SalesUnderIndirectSupplyModelMember_zKT4cYuwQtjf" title="Purchases from related party">8,593,998 and $<span id="xdx_905_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--SalesUnderIndirectSupplyModelMember_zVALPnOnze5" title="Purchases from related party">5,388,728 respectively. As of December 31, 2023 and 2022, the accounts receivable due from Shanghai Xinsen were $5,209,169 and $4,665,735 respectively. Since the end of 2021, Shanghai Xinsen received some payments from their customers in the form of bank notes with expiration period between three to six months. However, RLSP does not accept bank notes as payments and agreed to temporarily extend the payment terms to four months from two months after negotiated with Shanghai Xinsen. RLSP held advances from Hangzhou Xinsen in the amounts of $18,378 and $18,912 as of December 31, 2023 and 2022, respectively. Others As of December 31, 2023 and 2022, our CEO Mrs. Xingxiu Hua and CFO Mr. Hua Wang funded the Company and RLSP in the total amounts of $2,684,029 and $2,524,366 for its daily operation, respectively. The payable amounts bear no interest rate and due on demand. During the years ended December 31, 2023 and 2022, the Company contributed $125,000 and $2,055,415 capital, respectively, to RLSP and reduced the unpaid registered capital of RLSP to $17,772,925 (RMB126 million) in China. The cash payments were approved by Agricultural Bank of China, Fenghua Branch, which is authorized by the State Administration of Foreign Exchange (the “SAFE”).

0.30

438230

2626103

219734

10353

15000000

2113331

8552684

5549968

2871033

2384085

79608

4364105

5135351

38119

6835124

746480

628003

4440000

1626379

11350337

4364105

0.90

0.70

Effective on October 1, 2022, Ms. Hua reduced her ownership of Shanghai Xinsen from 90% to 15%, and so accordingly reduced her indirect ownership of Hangzhou Xinsen from 63% to 10.5%. Xinsen Group is a rubber product trading expert with 20 years of experience in the auto parts market, who charges 1% of the total sales amount before VAT tax as sales commission before September 30, 2022, and subsequently 0.25% effective from October 1, 2022 after the renegotiation between RLSP and Xinsen Group. The sales commission incurred in each period is recorded as part of selling expense of the Company

8593998

5388728

5209169

4665735

18378

18912

2684029

2524366

125000

2055415

17772925 126

Note 8 – Shareholders’ Equity RLSP was established on July 8, 2019 with registered capital of $20 million. As of December 31, 2023 and 2022, $125,000 and $2,684,029 cash has been transferred from the Company to RLSP as capital contribution, respectively. From May to July 2023, the Company issued 133,000 shares of common stocks at $3.00 per share pursuant to the private placements with ten individuals for cash. The total $399,000 subscriptions were fully received as of December 31, 2023. The Company relied upon Regulation S of the Securities Act of 1933, as amended, for the sale of these securities. No commissions were paid regarding the share issuance and the share certificates were issued with a Rule 144 restrictive legend.

20000000

125000

2684029

133000

3.00

399000

Note 9 - Commitment and contingencies On February 7, 2021, the landlord of the factory leased by RLSP filed a lawsuit against RLSP for default on lease payment pursuant to the lease agreement entered on November 11, 2019. The case was settled under the court mediation and a civil settlement was issued on April 20, 2021, pursuant to which, RLSP should pay the total unpaid balance of $46,454 (approximately RMB 300,000) along with interest calculated with 24% annum for around five months period. RLSP agreed to make the remaining two lease payments on time. $58,855 (RMB380,000) was made to the landlord through the court in April 2021, including unpaid lease payments, interest and attorney fee. RLSP extended the lease agreement multiple times with the landlord with the final extension to January 14, 2024 with a monthly lease amount of RMB 429,000 (or approximately $61,638), payable by quarter. According to the supplementary lease agreement, RLSP has an early-termination right by providing the landlord with a 90-day written notice of intent to vacate. RLSP exercised this early-termination right by submitting a notice on April 30th, 2023, and subsequently vacated the leased factory on August 15th, 2023. As a result, the factory lease agreement was terminated as of August 15th, 2023. On July 5, 2022, Guangzhou FuRuiDe Metal Processing Machinery Manufacturing Co., Ltd. (“GFMP”) and RLSP entered into a settlement agreement regarding a dispute about the molds GFMP produced and RLSP purchased. GFMP manufactured five pair of molds for RLSP for the total purchase amount of RMB <span id="xdx_90F_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_uRMB_c20191001__20191031__us-gaap--RelatedPartyTransactionAxis__custom--SettlementAgreementMember_zKjlh2hWtc0g" title="Purchase from related party">200,000 (approximately USD $<span id="xdx_907_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_c20191001__20191031__us-gaap--RelatedPartyTransactionAxis__custom--SettlementAgreementMember_zGNtjVXQ9dd8" title="Purchase from related party">31,000), whereas RLSP prepaid RMB 30,000 (approximately USD $5,000) as deposit in October 2019. RLSP claims that the molds are defective which led to higher product defectives rate and RLSP has removed the models from production since then. As a result, RLSP disputed the remaining unpaid purchase amount (i.e. RMB<span id="xdx_903_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_uRMB_c20220705__20220705__us-gaap--RelatedPartyTransactionAxis__custom--SettlementAgreementMember_z3FJeEH5F787" title="Related party unpaid purchase amount">170,000). According to the mediation letter entered by both parties on July 5, 2022, GFMP and RLSP agreed to settld the remaining unpaid balance in RMB 131,850 (approximately $20,000). The settlement amount has been paid on August 1, 2022 through court enforcement of Ningbo City.

46454

300000

0.24

58855

380000

429000

61638

200000

31000

30000

5000

170000

131850

20000

Note 10 - Income Taxes The Company, RLI is a Nevada company and subject to the United States federal income tax at a tax rate of 21%. The Company’s subsidiary, RLSP, is incorporated in the PRC and are subject to PRC’s Enterprise Income Tax. Pursuant to the PRC Income Tax Laws, Enterprise Income Taxes (“EIT”) is generally imposed at 25%. For the years ended December 31, 2023 and 2022, the provision for income taxes was $16,067 and $11,029, respectively. As of December 31, 2023 and December 31, 2022, the income tax payables were $192,518 and $237,670, respectively. The table below summarizes the difference between the U.S. statutory federal tax rate and the Company’s effective tax rate for the years ended December 31, 2023 and 2022: Schedule of Federal Effective Tax Rate <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_495_20230101__20231231_zy37XFLlWhla" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20220101__20221231_zUzMS33ViTul" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_405_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_maCalc1_zbIrvn6FyWBh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">U.S. federal income tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21.0</td><td style="text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right">21.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_maCalc1_z1iomPqMIS2h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax rate difference</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_pid_dp_uPure_maCalc1_zsQeqKBAFHMg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Nontaxable items</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-</td><td style="width: 2%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-</td><td style="width: 3%; text-align: left">%</td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationGiltiPercent_pid_dp_maCalc1_zzdb8FQwOCb4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">GILTI tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_iN_pid_dpi_maCalc1_zA8O4JIZvxYh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.2</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(30.0</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40D_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_maCalc1_zHoLwtYsXlmb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(25.0</td><td style="padding-bottom: 1.5pt; text-align: left">)%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6.6</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_mtCalc1_z3psjPssavR1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1.2</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.4</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> For U.S. income tax purposes, the Company has no cumulative undistributed earnings of foreign subsidiary as of December 31, 2023 after acquired RLSP on May 27, 2021. Accordingly, no provision has been made for U.S. deferred taxes related to future repatriation of these earnings, nor is it practicable to estimate the amount of income taxes that would have to be provided if we concluded that such earnings will be remitted to the U.S. in the future. In addition, the 2017 Tax Act also creates a new requirement that certain income (i.e., Global Intangible Low-Taxed Income (“GILTI”)) earned by controlled foreign corporations (“CFCs”) must be included currently in the gross income of the CFCs’ U.S. shareholder. GILTI is the excess of the shareholder’s net CFC tested income over the net deemed tangible income return, which is currently defined as the excess of (1) 10 percent of the aggregate of the U.S. shareholder’s pro rata share of the qualified business asset investment of each CFC with respect to which it is a U.S. shareholder over (2) the amount of certain interest expense taken into account in the determination of net CFC-tested income. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. For the years ended December 31, 2023 and 2022, no GILTI tax expense was incurred. ASC 740 requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. The management evaluated the Company’s tax positions and considered that no provision for uncertainty in income taxes was necessary as of December 31, 2023.

0.21

0.25

16067

11029

192518

237670

The table below summarizes the difference between the U.S. statutory federal tax rate and the Company’s effective tax rate for the years ended December 31, 2023 and 2022: Schedule of Federal Effective Tax Rate <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_495_20230101__20231231_zy37XFLlWhla" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20220101__20221231_zUzMS33ViTul" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_405_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_maCalc1_zbIrvn6FyWBh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">U.S. federal income tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21.0</td><td style="text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right">21.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_maCalc1_z1iomPqMIS2h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax rate difference</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_pid_dp_uPure_maCalc1_zsQeqKBAFHMg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Nontaxable items</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-</td><td style="width: 2%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-</td><td style="width: 3%; text-align: left">%</td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationGiltiPercent_pid_dp_maCalc1_zzdb8FQwOCb4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">GILTI tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_iN_pid_dpi_maCalc1_zA8O4JIZvxYh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.2</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(30.0</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40D_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_maCalc1_zHoLwtYsXlmb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(25.0</td><td style="padding-bottom: 1.5pt; text-align: left">)%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6.6</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_mtCalc1_z3psjPssavR1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1.2</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.4</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table>

0.210

0.040

0.012

0.300

-0.250

0.066

-0.012

0.014

Note 11 - Segment Reporting We realize revenue primarily through the sale of synthetic rubber, rubber compound, car window seals, auto parts with two sales channels. The Company managed and reviewed its business as two operating and reporting segments: direct supply and indirect supply models. The business line distribution of the Company’s information as of and for the years ended December 31, 2023 and 2022, as following: Schedule of Business Line Distribution <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_492_20230101__20231231_zHABspk1nMTa" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49B_20220101__20221231_zfogo5WyTh1d" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic">Revenue:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Revenues_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--DirectSupplyModelMember_zXYhQ6VYeQs4" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">Direct supply model</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">1,280,555</td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">5,259,447</td><td style="width: 3%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Revenues_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--IndirectSupplyModelMember_z7Xmr5fiI053" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Indirect supply model</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,709,595</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,388,728</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_ziKW54l6tUNk" style="vertical-align: bottom; background-color: White"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,648,175</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zoiURhUJcLK3" style="display: none; vertical-align: bottom; background-color: White"> <td>Revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,648,175</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Gross profit:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--GrossProfitPercentage_pid_dp_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--DirectSupplyModelMember_z9geFObTrP72" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Direct supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_ecustom--GrossProfitPercentage_pid_dp_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--IndirectSupplyModelMember_zCKVWpSpUaMk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Indirect supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40F_ecustom--GrossProfitPercentage_pid_dp_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zwdaI0r5EYrd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_ecustom--GrossProfitPercentage_pid_dp_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z6mzBp3cFSR2" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Gross profit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Income(loss) from operations:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--DirectSupplyModelMember_zAGqK0NXypP4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Direct supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(145,276</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,702,897</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--IndirectSupplyModelMember_z7T9Ei1ymE93" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Indirect supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(450,600</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,030,836</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--OperatingIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zrqoL1vBBrld" style="vertical-align: bottom; background-color: White"> <td>Corporate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(557,333</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(159,332</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zJE5Z8GwdRb3" style="display: none; vertical-align: bottom; background-color: White"> <td>Income(loss) from operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(557,333</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(159,332</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Net income(loss) before tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--DirectSupplyModelMember_zdVqDXoN0uS2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Direct supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(374,144</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,496,210</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--IndirectSupplyModelMember_z3lYsnoeb1Q7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Indirect supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(450,600</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(568,468</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zpW6UAjToRta" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Corporate</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(557,333</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(159,332</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zryr7YsKyQm5" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Net income(loss)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(557,333</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(159,332</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20231231_zrT3kcbyIczh" style="text-align: center; font-weight: bold">December 31,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20221231_zgTSTIxUicNk" style="text-align: center; font-weight: bold">December 31,</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Reportable assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--Assets_iI_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--DirectSupplyModelMember_zmpUwNaeErd3" style="vertical-align: bottom; background-color: White"> <td style="width: 56%; text-align: left">Direct supply model</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">10,930,729</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">14,066,203</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--Assets_iI_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--IndirectSupplyModelMember_zQnY7JMd1uAe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Indirect supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,837,818</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,665,735</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Assets_iI_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zhfijoGeOHfa" style="vertical-align: bottom; background-color: White"> <td>Corporate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,069,222</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,938</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Assets_iI_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zhFljC2yHYie" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,837,769</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,754,876</td><td style="text-align: left"> </td></tr> </table> All long-term assets are managed under direct supply model by the chief operating decision maker.

The business line distribution of the Company’s information as of and for the years ended December 31, 2023 and 2022, as following: Schedule of Business Line Distribution <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_492_20230101__20231231_zHABspk1nMTa" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49B_20220101__20221231_zfogo5WyTh1d" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic">Revenue:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Revenues_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--DirectSupplyModelMember_zXYhQ6VYeQs4" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">Direct supply model</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">1,280,555</td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">5,259,447</td><td style="width: 3%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Revenues_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--IndirectSupplyModelMember_z7Xmr5fiI053" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Indirect supply model</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,709,595</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,388,728</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Revenues_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_ziKW54l6tUNk" style="vertical-align: bottom; background-color: White"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,648,175</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zoiURhUJcLK3" style="display: none; vertical-align: bottom; background-color: White"> <td>Revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,648,175</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Gross profit:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--GrossProfitPercentage_pid_dp_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--DirectSupplyModelMember_z9geFObTrP72" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Direct supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_ecustom--GrossProfitPercentage_pid_dp_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--IndirectSupplyModelMember_zCKVWpSpUaMk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Indirect supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40F_ecustom--GrossProfitPercentage_pid_dp_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zwdaI0r5EYrd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_ecustom--GrossProfitPercentage_pid_dp_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z6mzBp3cFSR2" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Gross profit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Income(loss) from operations:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--DirectSupplyModelMember_zAGqK0NXypP4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Direct supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(145,276</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,702,897</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--IndirectSupplyModelMember_z7T9Ei1ymE93" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Indirect supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(450,600</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,030,836</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--OperatingIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zrqoL1vBBrld" style="vertical-align: bottom; background-color: White"> <td>Corporate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(557,333</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(159,332</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zJE5Z8GwdRb3" style="display: none; vertical-align: bottom; background-color: White"> <td>Income(loss) from operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(557,333</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(159,332</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Net income(loss) before tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--DirectSupplyModelMember_zdVqDXoN0uS2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Direct supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(374,144</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,496,210</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--IndirectSupplyModelMember_z3lYsnoeb1Q7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Indirect supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(450,600</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(568,468</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zpW6UAjToRta" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Corporate</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(557,333</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(159,332</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zryr7YsKyQm5" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Net income(loss)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(557,333</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(159,332</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20231231_zrT3kcbyIczh" style="text-align: center; font-weight: bold">December 31,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20221231_zgTSTIxUicNk" style="text-align: center; font-weight: bold">December 31,</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Reportable assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--Assets_iI_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--DirectSupplyModelMember_zmpUwNaeErd3" style="vertical-align: bottom; background-color: White"> <td style="width: 56%; text-align: left">Direct supply model</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">10,930,729</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">14,066,203</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--Assets_iI_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--SubsegmentsAxis__custom--IndirectSupplyModelMember_zQnY7JMd1uAe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Indirect supply model</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,837,818</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,665,735</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Assets_iI_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zhfijoGeOHfa" style="vertical-align: bottom; background-color: White"> <td>Corporate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,069,222</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,938</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Assets_iI_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zhFljC2yHYie" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,837,769</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,754,876</td><td style="text-align: left"> </td></tr> </table>

1280555

5259447

8709595

5388728

9990150

10648175

9990150

10648175

0.23 0.35 -0.04 -0.06 -0.04 0.14 -0.04 0.14

-145276

1702897

-450600

-1030836

-557333

-159332

-557333

-159332

-374144

1496210

-450600

-568468

-557333

-159332

-557333

-159332

10930729

14066203

6837818

4665735

2069222

22938

19837769

18754876

Note 12 - Subsequent Events The Company has evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission. Based on our evaluation, no other event has occurred requiring adjustment or disclosure, except the following: On March 1, 2024, RLSP filed a complaint against Ningbo Rongsen in the Ningbo Intermediate People’s Court of China, challenging the overvalued construction costs of our newly constructed factory. On March 5, 2024, RLSP received a notification from Ningbo Fenghua District People’s Court that the construction project contract dispute case of RLSP vs. Ningbo Rongsen has been filed. The case number is (2024) Zhejiang 0213 Civil Litigation No. 1737. On August 5, 2022, RLSP and Ningbo Rongsen signed a Construction Engineering Contract, with an agreed project cost of US $4,931,105 (RMB 35 million). The project was completed on October 25, 2023, and subsequently audited by Ningbo Zhongxin Engineering Management Co., Ltd., which initially appraised the project at US $6,519,991 (RMB 46,277,593). Based on this appraisal, RLSP signed a Settlement Payment Agreement with Ningbo Rongsen on January 7, 2024, setting the final settlement price at US $7,171,990 (RMB 50,905,352). However, a significant discrepancy emerged following a second evaluation by Kexin United Engineering Consulting Co., Ltd., which determined the project cost to be US $5,221,922 (RMB 37,064,159), indicating a discrepancy of 26.32% compared to the price in the Settlement Payment Agreement. Citing a major misunderstanding influenced by the initial overvaluation, RLSP seeks legal action to revoke the Settlement Payment Agreement, in accordance with Article 147 of the Civil Code of the People’s Republic of China, which allows for the revocation under significant misunderstanding. Our management maintains confidence in our legal standing and is actively pursuing a resolution that will be beneficial to us. As legal proceedings are subject to inherent uncertainties, we cannot predict the outcome of this matter at the time of filing this Annual Report. On March 25, 2024, Ningbo National High-Tech District branch of Industrial and Commercial Bank of China agreed to extend a credit line of RMB 56 million to RLSP for a term of two years. The credit is secured by the Company’s property located at Qixing Road, Weng’ao Industrial Zone, Chunhu Subdistrict, Fenghua District, Ningbo, Zhejiang, China.

4931105

35000000

6519991

46277593

7171990

50905352

5221922

37064159

56000000

P2Y